Imagine You Find Yourself in a Heat Wave and Your

question 54

Multiple Choice

Imagine you find yourself in a heat wave and your air conditioner has broken.Unable to find a new one at the store because of a price gouging law,you purchase an air conditioner on the black market.What role did the price gouging law have?

• A) It increased the willingness of firms to supply air conditioners when they were out of stock at the stores.
• B) It increased consumer demand for air conditioners.
• C) It decreased the incentive of individuals to supply the good on the black market.
• D) It had no effect on consumers or firms in this situation.
• E) It increased the incentive of individuals to supply the good on the black market.

---

Definitions:

Optimal Solutions

The best possible answers obtained from solving an optimization problem, satisfying all constraints.

Optimization Control

The process of finding the most effective or efficient solution to a problem, typically involving the adjustment of parameters to maximize or minimize some function.

OptQuest

A proprietary optimization software that uses various algorithms to find the best solutions to complex decision-making problems.

Permutation

An arrangement of items in a particular order, often used in mathematics to describe all the possible orders a set of objects can be arranged.