Question
Economics Question on Quantitative Economics
What is the difference between a constraint and an objective function?
A constraint is a function that must be equal to zero, while an objective function is a function that must be greater than or equal to zero.
A constraint is a limitation on the possible solutions to a problem, while an objective function is the function to be maximized or minimized.
A constraint is a function that must be less than or equal to zero, while an objective function is a function that must be greater than zero.
A constraint is a function that must be non-negative, while an objective function is a function that must be positive.
A constraint is a limitation on the possible solutions to a problem, while an objective function is the function to be maximized or minimized.
Solution
The correct option is (B): A constraint is a limitation on the possible solutions to a problem, while an objective function is the function to be maximized or minimized.