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Within a transaction, you can use the Change Quantity or Change Price for items.

a) True
b) False

User Riddell
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1 Answer

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Final answer:

The statement is false because buyers may pay more than the equilibrium price due to product differentiation, brand loyalty, and immediate availability needs.

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 certain conditions allow for buyers to be willing to pay more than the equilibrium price. This can happen due to factors like product differentiation, brand loyalty, and immediate availability needs. In instances where a product is unique or has branded value, consumers may be willing to pay a premium. Additionally, in urgent situations where a buyer cannot wait for the price to drop to equilibrium or for restocking, they may be willing to pay more to obtain the product immediately. Thus, market dynamics and consumer preferences can lead to situations where the equilibrium price is not the absolute ceiling for what buyers are willing to pay.

User Latoyia
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