To answer the question, refer to the following table showing a demand schedule: 
As output increases from 1,000 to 1,400 what is marginal revenue?
A. -$75
B. $50
C. -$400
D. -$25
E. $25
Answer: E
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If a firm decreases its plant size and finds that its long-run average costs have decreased, then
A) the firm should reduce its plant size even more. B) its labor is more productive in a smaller plant. C) its diseconomies of scale are less. D) the firm is now profitable.
Which of the following is true any place on the production possibilities curve?
a. Producing more of one item creates less of the other. b. Both items must be produced in equal volumes. c. Only one item may be produced at a time. d. No items can be produced if there is inefficiency.
The law of one price applied to the international marketplace is called:
a. real exchange rates. b. nominal exchange rates. c. arbitrage. d. purchasing-power parity.
Typically, the major cost of a college education is
A. housing. B. tuition. C. books. D. foregone income.