Consider a Bakery in Your Community

question 123

Multiple Choice

Consider a bakery in your community. Ingredients such as sugar and butter would be examples of _____ costs.

• A)fixed
• B)incidental
• C)prestige
• D)inelastic
• E)variable

---

Definitions:

Arbitrator Selection

The process of choosing an impartial third party to resolve a dispute in arbitration, typically agreed upon by all parties involved.

Negotiation

A discussion aimed at reaching an agreement where two or more parties with different needs and goals discuss an issue to find a mutually acceptable solution.

Mediation

A form of alternative dispute resolution that involves a neutral third party helping disputants to reach a mutually agreeable solution.

Problem-Solving

The process of identifying solutions to specific issues.