A Linear Programming Problem May Have

question 38

Multiple Choice

A linear programming problem may have:

• A)II and IV only
• B)II and III only
• C)I,II,and III only
• D)I,II,and IV only
• E)All of the above

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Definitions:

Purely Competitive

A market structure characterized by many buyers and sellers, all of whom are price takers offering homogenous products.

Downsloping

Characteristic of a curve or line on a graph that shows a decrease in value as it moves from left to right, commonly used in economics to describe demand curves.

Market Demand

The aggregate amount of a product or service all buyers in a market are prepared to buy at different price points.

Competitive Industry

An industry structure where many firms compete for market share, with no single firm dominating the market.