The Process in Which Conflicting Parties in a Dispute Submit

question 12

Multiple Choice

The process in which conflicting parties in a dispute submit their differences to a court-appointed person, who submits a legally binding decision.

• A) Arbitrator
• B) Res ipsa loquitor
• C) Arbitration
• D) Mediation

---

Definitions:

Loss Aversion

A psychological phenomenon where individuals prefer avoiding losses to acquiring equivalent gains, indicating a greater sensitivity to losses than to gains.

Savings Increase

A rise in the amount of money set aside for future use, typically in a deposit account or investment vehicle.

Zero Percent Interest

Zero Percent Interest describes a financing or credit offer where no interest is charged on the principal amount for a specific period, typically used as a promotional strategy.

House Money Effect

The tendency of individuals to take higher risks when dealing with profits from previous bets or investments, as if playing with "house money."