Linear Programming Is a Subset of a Larger Class of Models

question 60

Multiple Choice

Linear programming is a subset of a larger class of models called:

• A) mathematical programming models
• B) mathematical optimality models
• C) linear regression models
• D) linear simplex model

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Definitions:

Commodities

Goods or services that are traded, often produced to satisfy wants or needs.

Class-in-Itself

A term referring to a social class that shares common economic interests, but may not be united or aware of their shared circumstances or potential for collective action.

Economic Position

An individual's or group's status or rank in the economic hierarchy, determined by wealth, occupation, education, and income.

Use Value

The utility of a commodity in satisfying a need or want, distinct from its exchange value or market price.