Final answer:
The statement is false because buyers may pay more than equilibrium price for reasons such as brand loyalty, product differentiation, perceived quality, scarcity, non-competitive market conditions, and personal preferences or urgent needs.
Step-by-step explanation:
The statement that no buyer in the goods market would be willing to pay more than the equilibrium price is false for several reasons. Equilibrium price is where the quantity demanded by consumers equals the quantity supplied by producers. However, buyers might be willing to pay a premium for goods due to factors such as brand loyalty, product differentiation, and perceived quality.
For example, in the case of luxury items, high-end electronics, or limited edition products, buyers often pay prices above the equilibrium because they value the product more than the typical market price. Similarly, during shortages or when a particular item is in high demand, consumers may be willing to pay a higher price to ensure they secure the product.
Furthermore, some markets are characterized by non-competitive conditions where monopolies or oligopolies can set prices above the equilibrium because of their market power. Additionally, personal preferences, urgency of need, and the unique attributes of goods can lead buyers to pay more than the equilibrium price.