Final answer:
Both statements are false because buyers can value goods more than the equilibrium price due to preferences, urgency, or brand loyalty, and sellers may sell for less due to the need to liquidate inventory or market conditions.
Step-by-step explanation:
The statement that no buyer would be willing to pay more than the equilibrium price in the goods market is false because it assumes that all buyers value goods equally and are fully aware of the equilibrium price.
In reality, buyers may have different valuations for a product due to unique preferences, urgency of need, perceived value, or lack of information about the market. Some might be willing to pay a premium for convenience, perceived quality, or brand loyalty.
Similarly, the statement that no seller would be willing to sell for less than the equilibrium price is also false. Situations may arise where sellers need to liquidate inventory quickly due to various reasons such as cash flow needs, perishability of goods, or upcoming new models, leading them to accept prices below equilibrium.
Market conditions, such as excess supply, competition, or the desire to gain market share, might also compel sellers to reduce prices.