An "Ideal" or Good Arbitrator's Decision

question 32

Multiple Choice

An "ideal" or good arbitrator's decision:

• A) focuses on the losing party (the union or management presenter), addressing that
• Individual's arguments.
• B) is usually long, at least 50 pages.
• C) is a somewhat personal, informal note to the grievant.
• D) is given to the parties months after the hearing so they have had a chance to cool down.
• E) none of these

Understand the relationship between supply and demand functions.

Calculate equilibrium quantities given changes in supply and demand.

Analyze the effect of external interventions such as taxes and subsidies on market dynamics.

Interpret inverse demand and supply functions in economic analysis.

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Definitions:

Deadweight Loss

An economic efficiency decrement occurs when there's a failure to achieve or inability to achieve an equilibrium for a particular good or service.

Market Distortion

An economic phenomenon where external factors lead to a deviation from the expected or efficient allocation of resources, often causing prices to be higher or lower than they would be in a free market.

Taxed

Subjected to a compulsory financial charge or levy by governmental organizations for the funding of state expenditures.

Worse Off

A situation or condition in which an individual or group is in a less favorable position than before.