A Type of Alternative Dispute Resolution That May Be Non-Binding

question 15

Multiple Choice

A type of alternative dispute resolution that may be non-binding or binding that occurs when a third person is appointed by the courts or selected by the parties to hear a matter and issue a decision in the case is known as

• A)Litigation
• B)Negotiation
• C)Arbitration
• D)Mediation

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Definitions:

Essential Resource

A resource deemed vital for the survival of an organism, community, or operation, whose absence can lead to severe negative impacts.

Elastic Market Demand

Describes a market situation where the quantity demanded of a good or service significantly responds to changes in its price.

Perfectly Elastic Demand

Perfectly elastic demand is a market scenario where the demand for a product can drastically change (increase or decrease) at the slightest change in price, essentially to infinity.

Patents

Legal documents granted by the government giving an inventor exclusive rights to manufacture, use, or sell an invention for a certain number of years.