If a Single Optimal Solution Exists to a Graphical LP

question 19

True/False

If a single optimal solution exists to a graphical LP problem, it will exist at a corner point.

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Definitions:

Production Possibilities Curves

A graph that depicts the maximum potential output of one good for a given amount of output for another, assuming full efficiency and fixed resources.

Trading Possibilities Curves

Graphical representations that show the different quantities of two goods that a country can produce and trade given the same amount of resources.

Opportunity Cost

The expense incurred from not choosing the next most favorable alternative during decision-making.

Production Possibilities Curves

A graphical representation that shows the maximum attainable combinations of two goods that can be produced with available resources.