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A product's equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition. (True/False)

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Final answer:

In a competitive market, sellers can be willing to sell for less than the equilibrium price depending on market conditions and their goals and strategies.

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. In a competitive market, sellers are motivated by profit, and if the current price is below the equilibrium price, they may be willing to sell at a lower price to attract buyers and increase their sales volume. This can happen when there is an excess supply or surplus of goods in the market.

For example, let's say the equilibrium price for a product is $10. If the current price is lower, say $8, sellers may be willing to sell at that price to clear their inventory. This can be seen during sales or promotions where sellers offer discounts to attract customers and increase sales.

Therefore, sellers can be willing to sell for less than the equilibrium price depending on the market conditions and their individual goals and strategies.

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