To Solve a Linear Programming Problem with Thousands of Variables

question 17

Multiple Choice

To solve a linear programming problem with thousands of variables and constraints,

• A)a personal computer can be used.
• B)a mainframe computer is required.
• C)the problem must be partitioned into subparts.
• D)unique software would need to be developed.

---

Definitions:

Long-Run Equilibrium

A state in which all factors of production and outputs in an economy have fully adjusted and all changes are reflected in prices.

Marginal Revenue Curve

Illustrates how marginal revenue changes as the quantity of output sold changes.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, perfect information, and no barriers to entry or exit.

Monopolistic Firm

A company that possesses significant market power, allowing it to set higher prices compared to a perfectly competitive market.