A waitress brings a free glass of wine when you sit down in a restaurant. This glass of wine is
A) a service because the waitress carried it instead of making it.
B) a good, but not an economic good because there is no price charged for the wine.
C) a nongood because there is no price charged for the wine.
D) an economic good because wine is produced with scarce resources, even if it is free to you.
D
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Consider the market for credit. When the demand for credit increases while the supply of credit remains unchanged,
A) the interest rate will decrease and the amount of credit provided in the market will increase. B) the interest rate will increase and the amount of credit provided in the market will increase. C) the interest rate will decrease and the amount of credit provided in the market will decrease. D) the interest rate will increase and the amount of credit provided in the market will decrease.
When a product transformation curve for a firm is bowed inward, there are ________ in production
A) economies of scope B) economies of scale C) diseconomies of scope D) diseconomies of scale