Final answer:
The statement is false because consumers may pay above the equilibrium price due to brand loyalty, product differentiation, consumer surplus, or urgency. Real-world deviations from the idealized market equilibrium occur often, and various factors can lead to buyers valuing products more than the equilibrium price suggests.
Step-by-step explanation:
The statement that 'In the goods market, no buyer would be willing to pay more than the equilibrium price' is false because the concept of equilibrium price assumes that all participants have perfect information and are rational. However, there are several real-world scenarios in which buyers might willingly pay more than the equilibrium price. These include the presence of brand loyalty, product differentiation, the perceived value of goods, or urgency due to shortages or immediate needs.
In some cases, buyers have a strong preference for certain brands or products because of perceived quality, status, or emotional attachment, leading them to pay a premium above the equilibrium price. This is often seen in markets for luxury goods, collectibles, or branded apparel. Such behavior is described by consumer surplus, which represents the difference between what consumers are willing to pay for a good versus the market price.
Moreover, in situations like ticket scalping for popular events or buying life-saving medication during an emergency, the demand at the equilibrium price can exceed supply, causing some consumers to offer higher prices to secure the goods. Thus, willingness to pay can exceed the equilibrium price in various market conditions.