Even If a Legally Enforceable Contract Has a Mandatory Arbitration

question 90

True/False

Even if a legally enforceable contract has a mandatory arbitration clause,the parties to the contract under which the dispute arose can litigate their dispute in court if they wish to do so.

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Definitions:

Labor Productivity

An indicator of economic efficiency that evaluates the quantity of goods and services produced (output) relative to the total hours spent in producing those goods and services.

Complementary Resources

Resources used together in production that increase each other's effectiveness.

Fixed Proportions

A production condition where inputs must be combined in strict, unchanging ratios to produce output.

Substitution Effect

The change in the quantity demanded of a good resulting from a change in its price, making it more or less expensive relative to other goods.