Mediation Is a Form of Alternative Dispute Resolution

question 5

Multiple Choice

Mediation is a form of alternative dispute resolution.Mediation is:

• A)a process of dispute resolution where a third party, called a mediator, assists the party to settle the dispute themselves.
• B)where the parties appear before an independent third person who considers the merits of each case and then makes a decision that is binding on both parties.
• C)where the parties' legal representatives engage in direct negotiation.
• D)where the parties informally discuss the merits of their arguments in a judge's chambers.

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Definitions:

Marginal Utility

The added satisfaction or usefulness obtained from using one more unit of a product or service.

Total Utility

The total satisfaction or benefit received by consuming a particular quantity of a good or service.

Price Ratio

The relative price of one good or service compared to another, often indicating how many units of one good can be exchanged for one unit of another.

Price

The monetary value anticipated, needed, or dispensed for acquiring something.