The Optimal Solution for a Linear Programming Problem Will Always

question 38

Multiple Choice

The optimal solution for a linear programming problem will always occur

• A)when the slack price equals the surplus price.
• B)when the surplus price equals the slack price.
• C)at an extreme point.
• D)at a non-extreme point.

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Definitions:

Utility Function

A mathematical representation that ranks an individual's preferences over a set of goods or services, showing their relative satisfactions or levels of utility.

Bliss Point

A term in psychology and economics indicating the optimal level of consumption where any further increase would lead to dissatisfaction.

Good Y

A symbolic representation often used in economics to denote a particular good or commodity in theoretical models and analyses.

Perfect Substitutes

Goods that can be used in place of each other with no loss of utility or preference by consumers.