Which Is an Advantage of Arbitration

question 32

Multiple Choice

Which is an advantage of arbitration?

• A)It is always binding
• B)It is slower than litigation
• C)It is less costly than litigation
• D)Its procedures are more complicated than litigation

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Definitions:

Demand Curve

A demand curve is a graphical representation that shows the relationship between the price of a good or service and the quantity of it that consumers are willing to purchase at various prices.

Substitute Good

Refers to a product or service that a consumer sees as the same or similar to another product, thus they can be used interchangeably.

Substitute Goods

Products or services that can be used in place of each other, where the consumption of one increases the likelihood of the other being consumed less.

Demand Curve

A graph showing the relationship between the quantity of a goods or services demanded and its price, usually downward sloping.