Which of the Following Statements Is True Regarding the Use

question 38

Multiple Choice

Which of the following statements is true regarding the use of arbitration as a form of alternate dispute resolution?

• A) Arbitration is only available if the parties have included an arbitration clause in their agreement.
• B) All arbitrators must meet particular mandatory qualifications.
• C) Arbitration decisions are normally final and enforceable in courts.
• D) Arbitration offers little flexibility in the degree of formality of its processes.

---

Definitions:

Opportunity Cost

The value of the next best alternative foregone as a result of making a decision.

Point E

typically used in the context of graphs, it can represent a specific equilibrium point or any designated point of interest.

Point D

In the context of economics or finance, this term is incomplete without additional context to define its specific relevance.

Opportunity Cost

Overlooking potential benefits from competing options when one is ultimately selected.