Because Litigating a Complaint Can Be Costly, and There Is

question 59

Multiple Choice

Because litigating a complaint can be costly, and there is a backlog of cases in many courts, a businessperson is likely to attempt to resolve a dispute

• A)through the court system.
• B)with a method of alternative dispute resolution.
• C)by anticipating that the dispute will resolve itself.
• D)by filing a writ of certiorari in a different court.

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Definitions:

Long Run

A period in which all factors of production and costs are variable, allowing full adjustment to any change in market conditions.

Economic Profit

The difference between total revenues earned from production and the total opportunity costs of all inputs used in production.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment to changes in market conditions.

Losses

Losses refer to the amount by which expenses exceed revenues in a particular period, indicating a negative financial performance for a business.