Final answer:
The statement is false because in the goods market, there may be buyers who are willing to pay more than the equilibrium price.
Step-by-step explanation:
The statement is false because in the goods market, there may be buyers who are willing to pay more than the equilibrium price. Equilibrium price is the price at which the quantity demanded equals the quantity supplied. However, there may be some buyers who value the product more than the equilibrium price and are willing to pay a higher price to obtain it.
For example, consider a luxury brand handbag that is in high demand. The equilibrium price may be set at $500, but some buyers may be willing to pay $700 or even $1000 to get their hands on the handbag due to its exclusivity and perceived value. These buyers are willing to pay more than the equilibrium price. Therefore, it is important to understand that while equilibrium price determines the market price, there can still be buyers who are willing to pay more than that price in certain situations.