A Linear Programming Problem Where the Objective Is to Find

question 57

Multiple Choice

A linear programming problem where the objective is to find the best mix of ingredients for a product to meet certain specifications is called:

• A)a resource-allocation problem
• B)a blending problem
• C)a cost-benefit tradeoff problem
• D)a mixture problem
• E)None of the above

---

Definitions:

Nondiscriminating

Characterized by equal treatment and lack of bias towards any party or group.

Pure Monopolist

A market structure where a single firm has exclusive control over the market, being the sole producer of a product with no close substitutes.

Economic Profit

The balance a firm holds after all expenses, both acknowledged and assumed, are deducted from its gross receipts.

Price Discriminating

A pricing strategy where identical or similar products or services are sold at different prices to different buyers.