The Difference Between Basic and Applied Research Is That

question 119

Multiple Choice

The difference between basic and applied research is that:

• A)basic research does not promote resource productivity while applied research does.
• B)applied research does not promote resource productivity while basic research does.
• C)basic research has less immediate payoff to society than applied research typically does.
• D)basic research occurs in science,while applied research occurs in industry.
• E)only the government promotes basic research.

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Definitions:

Shadow Price

A theoretical price representing the cost or benefit of having one additional unit of a particular resource in a constraint optimization problem.

Dual Value

The concept in linear programming and optimization that assigns a value to the constraints, reflecting their contribution to the objective function when slightly relaxed.

Iso-Profit Line

A graphical representation in economic models showing combinations of inputs that yield the same level of profit.

Graphical Maximization

A technique used in operations research and economics to find the highest value of an objective function given certain constraints, represented graphically.