Linear Programming Is a Subset of a Larger Class of Models

question 28

Multiple Choice

Linear programming is a subset of a larger class of models called _____ models.

• A)mathematical programming
• B)mathematical optimality
• C)linear regression
• D)linear simplex

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Definitions:

Common Resources

Resources like air or water that are not owned by anyone, cannot be consumed by one user without reducing available supply for others, and are available to all.

Private Market

A market in which transactions occur directly between private sector buyers and sellers without significant government regulation or intervention.

Marginal Social Benefit

The additional benefit to society as a whole from producing or consuming one more unit of a good.

Public Good

A product or service that is provided without profit to all members of a society, either by the government or a private individual or organization, characterized by non-excludability and non-rivalry.