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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Explain why the following statement is false: “In the goods market, no buyer would be willing to pay more than me equilibrium price.”

To determine

The reason statement: “In the goods market, no buyer would be willing to pay more than the equilibrium price” is false.

Explanation

Equilibrium price is the price where demand for goods and services by consumers is equal to the supply of goods and services from sellers/producers.

The statement mentioned in the question is false. This is because the equilibrium price is the price where the number of buyers and sellers who are willing are equal.

There are buyers existing on equilibrium price level who are willing to buy even if the price were to rise...

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