Explain why the following statement is false PDF

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Explain why the following statement is false: “In the goods market, no buyer would be willing to pay more than the equilibrium price.” 38. Explain why the following statement is false: “In the goods market, no seller would be willing to sell for less than the equilibrium price.”

Vol unt ar yt r ansac t i onsi mpr ovesoci alwel f ar ebecauset heyenabl esel l er sandbuy er st oengagei nt he mar k etf r eel y .Vol unt ar yt r ansact i onsal l owt hec onsumerpr ef er encet oappearcl ear l ybecauset heyc an ac ceptt het r ansact i onorr ef use.Vol unt ar yt r ansact i onsal s oenabl et hes el l er st or ef uset het r ansac t i ons i fhewant s .Ther ef or e,v ol unt ar yt r ans act i onsputbot ht hesel l erandbuyeri nabet t erpos i t i onaf t ert he t r ansact i onwhi chi mpr ov esoc i alwel f ar e.

Economists can use a term called consumer surplus when a consumer gets a 'good deal' on a product. This is because, consumer surplus occurs when the price consumers actually pay is lower than the price they are willing to pay....