Final answer:
If a broker secures an offer matching the listing terms and the seller refuses it, the broker may still be owed a commission. Imperfect information makes it hard to agree on a price due to knowledge discrepancies. Sellers may sell below equilibrium price due to urgent needs or market pressures.
Step-by-step explanation:
The statement that a broker secured a signed offer with a $5,000 deposit on the exact terms of a listing but the seller refused to accept it highlights a situation in real estate transactions. If the offer was on the exact terms of the listing and the seller refuses to accept it without a valid legal reason, the broker may be entitled to the agreed-upon commission, even if the sale does not go through. This is because the broker fulfilled their duty by securing a buyer who was ready, willing, and able to purchase on the seller's terms. However, the legal ramifications may vary based on the contract between the seller and broker, as well as local real estate regulations.
Regarding the difficulty experienced by a buyer and seller to agree on a price when imperfect information exists, this stems from the lack of transparent knowledge about the true value of a property. Imperfect information can lead to a discrepancy between a seller's perceived value and a buyer's offer, making negotiations more challenging.
Also, the statement that "In the goods market, no seller would be willing to sell for less than the equilibrium price" is false because various factors, such as the need for quick cash, market competition, or inventory surplus, may prompt sellers to offer goods at a price lower than equilibrium.