The objective of quantitative ultrasound (QUS) is to characterize tissue microstructure by parametrizing backscattered radiofrequency (RF) signals from clinical ultrasound scanners. Herein, we develop a novel technique based on dynamic programming (DP) to simultaneously estimate the acoustic attenuation, the effective scatterer size (ESS), and the acoustic concentration (AC) from ultrasound backscattered power spectra. This is achieved through two different approaches: (1) using a Gaussian form factor (GFF) and (2) using a general form factor (gFF) that is more flexible than the Gaussian form factor but involves estimating more parameters. Both DP methods are compared to an adaptation of a previously proposed least-squares (LSQ) method. Simulation results show that in the GFF approach, the variance of DP is on average 88%, 75% and 32% lower than that of LSQ for the three estimated QUS parameters. The gFF approach also yields similar improvements.