While plotting constraints on a graph paper, terminal points on both the axes are connected by a straight line because

• The resources are limited in supply.

• The objective function is a linear function.

• The constraints are linear equations or inequalities.

• All of the above.

The distinguishing feature of an LP model is

• Relationship among all variables is linear.

• It has single objective function and constraints.

• Value of decision variables is nonnegative.

• All of the above.

Which method is used for solving linear models?

• Graphical

• Simplex

• Solver

• All

Acquiring input data is part of:

• model identification

• model formulation or solution

• model interpretation

• model testing

A decision model has the following input variables: Historical sales data and historical advertising budget. The model is considered to be probabilistic.

• TRUE

• FALSE

In dealing with business models, managers need to consider only quantitative data while making decisions in practice.

• TRUE

• FALSE

Consider the following linear programming model.Min 2X1 + 3X2 Subject to: X1 + X2 ≥ 4, X1 ≥ 2, X1, X2 ≥ 0. This linear programming model has:

• unique optimal solution

• unbounded solution

• infeasible solution

• alternate optimal solution

A linear programming model has the following two constraints: X1 ≥ 3 and X1 ≥ 4. This model has a redundant constraint.

• TRUE

• FALSE

A linear programming problem has the following two constraints: X1 ≤ 20 and X1 ≥ 25. This problem is infeasible.

• TRUE

• FALSE

When using Solver, the parameter Changing Cells is typically associated with the objective function.

• TRUE

• FALSE