Final answer:
The statement is false because buyers might value a good more due to preference or necessity and willingly pay above equilibrium, while sellers might accept lower prices for reasons such as clearance or strategic pricing. The correct option is b.
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 it fails to consider the concept of consumer surplus as well as the effects of unique preferences or situations.
While the equilibrium price is where quantity supplied equals quantity demanded, certain consumers may value a product more highly due to personal preference, urgency, or the perception of a product's increased worth. For example, in the case of limited edition goods or those with unique qualities, buyers might compete to purchase an item, thereby driving prices above equilibrium. The same applies to essential goods during times of scarcity – buyers are often willing to pay a premium to secure necessities.
For various reasons such as inventory clearance, quick sales for liquidity, or competitive pricing strategies, sellers might offer goods at less than the equilibrium price. For instance, a business might lower prices to clear out seasonal items or to outcompete rivals in a price-sensitive market.
Hence, market participants have the autonomy to determine the transaction price, which may deviate from the equilibrium due to several factors.
Therefore, Option b is correct.