Final answer:
The statement is false because there are cases where buyers may have preferences for certain products, face shortages, or expect price increases leading them to pay more than the equilibrium price.
Step-by-step explanation:
The statement "In the goods market, no buyer would be willing to pay more than the equilibrium price" is false because the equilibrium price is a theoretical construct where the quantity demanded by buyers equals the quantity supplied by sellers. However, in the real world, several factors can lead buyers to willingly pay more than the equilibrium price.
For instance, buyers may have preferences for certain brands or products, leading them to value these goods higher than others, even if they are priced above equilibrium. This is commonly seen in cases of luxury goods or products with strong brand loyalty.
Moreover, situations such as shortages or scarcity may arise, wherein the available supply is less than the quantity demanded at the equilibrium price. In such cases, buyers may compete with each other, offering a higher price to secure the limited goods, thus paying more than the equilibrium price.
Additionally, buyers may anticipate price increases in the future or may derive utility from immediate consumption, thus perceiving a higher value for the product than the prevailing equilibrium price, and are thus willing to pay more.