A Key Difference Between a Mediator and an Arbitrator Is

question 36

Multiple Choice

A key difference between a mediator and an arbitrator is that:

• A)a mediator is appointed by labour and management,while an arbitrator is appointed by the federal government under terms set forth in the Taft-Hartley Act.
• B)a mediator is an unpaid volunteer,while an arbitrator is a paid professional.
• C)an arbitrator can settle a labour-management dispute by rendering a binding decision,while a mediator can only make suggestions and encourage the two sides in a dispute to continue negotiating.
• D)a mediator is a lawyer who represents either labour or management in a labour dispute,while an arbitrator is an impartial advisor who listens to both sides of the dispute and offers suggestions that help the two parties reach a mutually acceptable agreement.

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Definitions:

Marginal Utility

The incremental benefit or satisfaction a buyer obtains from the consumption of one more unit of a good or service.

Law

A system of rules created and enforced through social or governmental institutions to regulate behavior.

Comparative Advantage

A situation in which a person or country can produce a specific product at a lower opportunity cost than some other person or country; the basis for specialization and trade.

Utility-Maximizing

The economic principle that individuals or firms seek to get the greatest satisfaction or profit from their resource choices.