Ideally, What Should Be the First Step in the Settlement

question 49

Multiple Choice

Ideally, what should be the first step in the settlement of a dispute?

• A) using the strategy of conciliation
• B) engaging in arbitration
• C) coercing the other party
• D) placating the injured party
• E) initiating a litigation

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Definitions:

Total Surplus

An economic measure representing the total benefits to consumers and producers, achieved by the difference between the willingness to pay and the actual price paid, plus the cost savings to producers.

Trade

The exchange of goods, services, or both between two or more parties, either within a country or across international borders.

Sales Tax

A tax imposed by governments on the sale of goods and services, collected at the point of sale and typically expressed as a percentage of the sale price.

Lowest Price

The minimum price at which a product or service is offered in the market.