A Benefit of Arbitration Is Which of the Following, According

question 47

Multiple Choice

A benefit of arbitration is which of the following, according to the text?

• A) Arbitrators are assigned so parties do not have to pick them.
• B) Arbitration is generally less expensive than litigation.
• C) Arbitrators are bound by the same rules as judges in applying precedent.
• D) Arbitrations can be set aside on appeal for the same reasons as court judgments.
• E) Arbitrations prohibit the use of legal counsel.

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Definitions:

Single Ownership

A business model where a single individual owns all of the firm's stock and is solely responsible for its decisions.

Cross International Borders

The movement of goods, services, capital, and people across the political boundaries of different countries.

Gear Restrictions

Regulations or limits set on the range of gears that can be used in certain vehicles or machinery to ensure safety or efficiency.

Marginal Social Cost

The cumulative expense to the community for creating an extra unit of a product or service.