Opportunity cost can always be measured in money terms

Jake just bought a new hockey stick. When he was leaving the shop, he thought that he such a great deal and would have paid $50 more dollars for the stick. Jake received

A) producer surplus. B) equilibrium. C) marginal cost. D) total surplus. E) consumer surplus.

A market is defined as

A) the physical place where goods (but not services) are sold. B) the physical place where goods and services are sold. C) any arrangement that brings buyers and sellers together. D) a place where money is exchanged for goods. E) another name for a store.