Constrained optimization occurs when:
A)an individual makes choices that are influenced by his/her parents and family.
B)an individual makes choices that best suit his/her preferences.
C)firms choose the best products to meet their client's needs.
D)an individual is forced to choose between competing alternatives subject to some limitation such as budgetary considerations.

Question

Quizplus · Accepted Answer

Constrained optimization occurs when an individual is forced to choose between competing alternatives subject to some limitation such as budgetary considerations. This means that the individual has to make decisions while keeping in mind various constraints or limitations. For example, choosing the best college based on the availability of funds or choosing the best vacation spot based on the available time and budget would be examples of constrained optimization. Choices A, B, and C do not necessarily involve any limitations or constraints in decision-making. Constrained optimization involves having limited resources, such as a limited budget, and needing to make choices between competing alternatives. Therefore, option D is the best choice as it describes a situation where an individual is forced to make a choice subject to some limitation. Options A, B, and C do not necessarily involve resource constraints and do not fully capture the concept of constrained optimization.

Constrained Optimization Occurs When