Examlex

Solved

Which Point or Points Are Global Optima in This Diagram

question 30

Multiple Choice

Which point or points are global optima in this diagram? The dashed line represents the objective function and the objective is to maximize the value of the objective function. Which point or points are global optima in this diagram? The dashed line represents the objective function and the objective is to maximize the value of the objective function.   A) B B) D C) E D) F


Definitions:

Equilibrium Price

The price at which the quantity of a good supplied equals the quantity demanded, resulting in no surplus or shortage in the market.

Zero Economic Profit

A situation where a firm's total revenues exactly equal its total costs, indicating no above-normal profit.

Economist

A professional or expert in economics, studying the production, distribution, and consumption of goods and services.

Rate of Return

The gain or loss on an investment over a specified period, expressed as a percentage of the investment’s cost.

Related Questions