An Arbitration Award Should Include Not Just a Decision, but the Rationale

question 22

True/False

An arbitration award should include not just a decision, but the rationale for it, in order to provide guidance for future interpretation.

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Definitions:

Marginal Cost

The additional cost incurred in producing one more unit of a good or service.

Comparative Advantage

Comparative advantage occurs when a country, individual, or company can produce a good or service at a lower opportunity cost than others.

Geegaws

Decorative trinkets or gadgets, often considered unnecessary or frivolous.

Utility Function

An illustrative model that shows the way individuals prioritize various combinations of products based on their contentment levels.