Final answer:
The assertion that no buyer would be willing to pay more than the equilibrium price is false due to varying factors like brand loyalty, product differentiation, perceived value, and urgency of need. Additionally, imperfect information can lead to price disagreements.
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 buyers may have different motivations and values when it comes to purchasing goods. Factors such as brand loyalty, product differentiation, perceived value, and urgency of need can all contribute to a buyer's willingness to pay more than the equilibrium price. For example, in a market with high brand loyalty, consumers may be willing to pay a premium for a branded item over an identical generic item.
Moreover, in the case of imperfect information, a lack of available data about a product or its alternatives can lead to discrepancies in pricing, as one party may assess the value of the good differently. This could be because of factors like reputation, perceived benefits, or personal bias. Furthermore, imperfect information can make it difficult for buyers and sellers to agree on a price, as both parties might not have access to the full scope of information regarding the product's fair market value or its utility.