A Decision with More Than One Objective

question 22

Multiple Choice

A decision with more than one objective

• A)cannot have an optimal solution.
• B)requires the decision maker to place the objectives in some order of importance.
• C)depends on the probability of satisfying each objective.
• D)should be decomposed into a separate model for each objective.

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Definitions:

Production Function

A quantitative model that demonstrates how the inputs in the production process impact the goods or services output.

Supply Function

A mathematical expression that shows the relationship between the quantity of a good or service that producers are willing to sell and the price of the good or service.

Factor Price

The price of inputs used in the production of goods and services, such as labor wages or the cost of raw materials.

Production Function

An equation outlining how inputs translate into the output for an organization, a specific industry, or the economy at large for all potential input pairings.