Which Is Not a Quantitative Technique to Problem Solving

question 4

Multiple Choice

Which is not a quantitative technique to problem solving?

• A) Linear programming
• B) Queuing techniques
• C) Statistical techniques
• D) Heuristic approach
• E) All of the choices are quantitative approaches.

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Definitions:

Decrease in Demand

A situation where consumers' willingness and ability to purchase a product at all price levels declines, represented by a leftward shift of the demand curve.

Constant-cost Industry

An industry in which the input prices and production costs remain stable even as the industry output changes.

Economic Profits

The surplus remaining after total costs are subtracted from total revenue, taking into account both explicit and implicit costs.

Industry Supply

The total output of goods or services that firms in a specific industry are willing and able to sell at various price levels.