Constraints in LP Problems That Do Not Affect the Boundaries

question 45

Multiple Choice

Constraints in LP problems that do not affect the boundaries of the feasible solution region are referred to as ______.

• A)redundant constraints
• B)binding constraints
• C)restrictive constraints
• D)optimal constraints

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Definitions:

Free Market Equilibrium

A state in an unrestricted market where supply equals demand, and prices stabilize without external interventions.

Market Price

The existing value at which an asset or service is offered for buying or selling in the marketplace.

Producers Gain

The increase in total revenue that producers achieve from selling goods or services, typically measured against costs.

Price Elasticity of Demand

Measures how much the quantity demanded of a good responds to a change in the price of that good.