Question

Market power is the ability of a seller or a buyer to affect

market price.
a) True
b) False

Answer 1

In the goods market, sellers may be willing to sell for less than the equilibrium price for various reasons.

Step-by-step explanation:

The statement, "In the goods market, no seller would be willing to sell for less than the equilibrium price," is false. The equilibrium price is determined by the intersection of the supply and demand curves in a market. If a seller is willing to sell for less than the equilibrium price, it means they are willing to accept a lower price in order to sell their goods. This could be due to various reasons such as overproduction, excess inventory, or a need for immediate cash.