Which of the Following Statements Is True of a Submission

question 79

Multiple Choice

Which of the following statements is true of a submission agreement?

• A) It is a binding clause in a contract mandating all disputes to be settled by arbitration.
• B) It specifies the nature of the dispute and how the arbitrator will be selected.
• C) It is an agreement stating that both parties agree to abide by the mediator's decision.
• D) It is an agreement provided in court stating how contract disputes are to be settled.

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Definitions:

Free Entry

Free entry is a market condition where businesses can enter and exit the market without facing significant barriers or costs.

Competitive Price-Taker

A firm or individual in a market structure that has no control over the market price and must accept the prevailing market price for its product or service.

Output

The total amount of goods or services produced by a person, machine, company, or economy.

Price

The sum of money needed to buy a product or service.