If a Redundant Constraint Is Eliminated from a Linear Programming

question 19

True/False

If a redundant constraint is eliminated from a linear programming model,this will have an impact on the optimal solution.

Recognize the impact of input prices on production costs and supply.

Analyze the effect of technological advancements on supply.

Examine the influence of expectations about future prices on current supply.

Comprehend the role of substitute goods in shaping supply decisions.

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Definitions:

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often to maximize their profits illegally or unethically.

Collusive Agreements

Arrangements or agreements, often illegal, between competing firms to limit competition, control prices, or divide markets among themselves.

Cartel

A formal agreement among competing firms to control the market for a certain product by setting prices, limiting supply, or other restrictive practices.