In Relation to a Mediator,an Arbitrator Has

question 33

Multiple Choice

In relation to a mediator,an arbitrator has:

• A) More power and more responsibility.
• B) Less power,but more flexibility.
• C) More power and greater innovation.
• D) Less power and more appeal.
• E) Less power and less flexibility.

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Definitions:

Producer Surplus

The financial gap between the price sellers are willing to accept for goods or services and the price they eventually get.

Price Floor

A legal minimum on the price at which a good can be sold.

Consumer Surplus

The variation in the comprehensive amount consumers are willing to layout for a good or service and the actual layout.

Total Surplus

The sum of consumer and producer surplus, representing the overall benefit to society from the production and consumption of goods and services.