______ Refers to a Fictitious Supply Source Created to Arrive

question 55

Multiple Choice

______ refers to a fictitious supply source created to arrive at a balanced transportation problem (i.e.,total demand = total supply) .

• A)Balanced transportation problem
• B)Degeneracy
• C)Dummy demand destinations
• D)Dummy supply sources

---

Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices, holding all else constant.

Cost Function

An equation that calculates the total cost incurred by a company to produce a specific quantity of a good or service.

Long-run Equilibrium

A market condition where all factors of production and inputs can be varied, allowing firms to enter or exit the market, ultimately resulting in no economic profit for any firm.

Demand

The amount of a product or service that buyers are ready and able to buy at different price levels over a certain timeframe.