Final answer:
All the given options (a) to (d) correctly describe aspects of property value, while the statement "no buyer would be willing to pay more than the equilibrium price" is false because buyers might pay more due to various factors like scarcity. The colonists were indeed concerned with the application of taxes, not the principle of taxation.
Step-by-step explanation:
The student's question pertains to the concept of value in the context of economics and property valuation. Each statement explores a definition of value or a context in which value is determined:
- Fair value and market value are indeed about the price a willing buyer and seller would agree upon in a transaction.
- Use value considers how much a property might be worth based upon its potential uses.
- The intended use indeed determines which definition of value is applicable to a specific appraisal situation.
- Assessed value is a property valuation determined by a public official for the purpose of taxation.
The statement which is false is likely not presented in the provided choices. All the statements given (a through d) are essentially true regarding the concept of value.
Now to address the separate quoted statement "In the goods market, no buyer would be willing to pay more than the equilibrium price.": This statement is false because there are situations where buyers might value a product more due to personal preferences, perceived value, or other reasons (such as urgency or scarcity), and might therefore be willing to pay a premium over the equilibrium price. For instance, in the case of collectibles or limited-edition items, buyers often pay more than the equilibrium price.
For Exercise 7.3.1, the statement is true; the colonists objected to the way tax money was being spent, rather than the principle of taxation itself.