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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 seller would be willing to sell for less than the equilibrium price.”

To determine

Provide the reason why the following statement is false:

“In the goods market, no seller would be willing to sell for less than the equilibrium price”.

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 merely equalizes the number of willing buyers and sellers. There are sellers exist on equilibrium price level who are willing to sell even if the price were to fall...

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