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True or false? The power in the buyer-seller relationship shifts to the buyer when product is at parity and choices are proliferated.

User XMight
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Final answer:

In the goods market, buyers may be willing 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. The equilibrium price is the point where the quantity demanded equals the quantity supplied. However, buyers may be willing to pay more than the equilibrium price under certain circumstances such as scarcity, high demand, and limited supply. For example, during a pandemic, the demand for face masks increased significantly, leading some buyers to pay higher prices to secure a limited supply. Therefore, the statement is incorrect.

User Ziggystar
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