Why Do Lawyers Tend to Prefer Mediation to Arbitration or a Trial

question 36

Multiple Choice

Why do lawyers tend to prefer mediation to arbitration or a trial?

• A)Lawyers like the idea that disputes are decided for them rather than settled by them.
• B)Lawyers like a situation in which there is a clear winner.
• C)Most lawyers enjoy the element of risk present in a mediation.
• D)Lawyers like the idea that disputes are settled by them rather than decided for them.

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Definitions:

Inputs

The resources used in the production process, including labor, raw materials, and capital.

Least Costly

Refers to the option that requires the smallest amount of expense or effort to achieve a given outcome.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogeneous product, and free entry and exit, leading to efficient outcomes.

Profit-Maximizing Condition

The state in which a firm's marginal cost is equal to its marginal revenue, aiming to achieve the highest possible profit.