A feasible solution is a local minimum if there are no other feasible solutions with a a. set of points defining the minimum possible risk in the entire feasible region. b. same objective function value in the entire feasible region. c. smaller objective function value in the immediate neighborhood. d. same objective function value in the immediate neighborhood.

c.

Explanation:

A feasible solution is a local minimum if there are no other feasible solutions with a smaller objective function value in the immediate neighborhood. This is because the local minimum refers to a point whose value is less (lower than) all of the other individual values that are in close proximity to it, therefore its immediate neighborhood.

answer; is usually (less than) the socially optimal level of consumption;