Which of the Following Is NOT a Factor That Determines

question 227

Multiple Choice

Which of the following is NOT a factor that determines the price elasticity of demand?

• A) The amount that suppliers have made available
• B) The percentage of a consumer's total budget spent on the good
• C) The existence of substitutes
• D) The length of time allowed for adjustments to change in the price of the commodities

---

Definitions:

Shadow Price

The implied worth or value of an intangible or constrained resource, used in economic or optimization models to assess opportunity costs.

Dual Value

A concept in linear programming and optimization, representing the worth of relaxing a constraint by one unit in the objective function.

Redundant Constraint

A constraint in a mathematical model that does not affect the feasible region or solution because it is already implied by other constraints.

Linear Programming

A mathematical methodology used to achieve the best outcome in a model with linear relationships, subject to constraints, commonly applied in optimization scenarios.