Final answer:
The statement about equilibrium prices is false because there may be several reasons for a seller to offer goods at lower prices, including inventory clearance, competition, market penetration, and production costs. Competition leads to better or cheaper products, consumer benefits, and economic gains for the nation overall, despite some losses.
Step-by-step explanation:
The statement "In the goods market, no seller would be willing to sell for less than the equilibrium price" is false because there can be various reasons why a seller might opt to sell goods at a price lower than the equilibrium price. These reasons include the desire to clear excess inventory, to compete with other sellers, or to penetrate a market quickly. Some sellers may also have lower costs of production, which allows them to make a profit even when selling below the equilibrium price. Furthermore, temporary promotions or sales are common strategies to attract customers even if it means selling goods at a lower price temporarily.
Competition often leads to firms providing better or less expensive products, which benefits consumers and can increase the profits and incomes of businesses and employees that manage to outperform or out-innovate their competition. Over time, the economic system benefits from these efficiencies, resulting in a net gain for the nation despite some short-term losses such as job displacements or decreased profits for less competitive businesses.