To be considered employed, a person must have a full-time job

If firms are producing efficiently, but consumers can reallocate goods amongst themselves,

A) the equilibrium is not efficient. B) the equilibrium is efficient. C) the consumers are behaving irrationally. D) the firms are too greedy.

The opportunity cost of an activity is best measured

a. only by the monetary costs b. by the number of alternative activities that were forgone c. by the cost difference between the chosen activity and the next best alternative d. by the value expected from the best alternative that is forgone e. as the time wasted choosing among various activities