Which of the Following Is the Chief Advantage of Arbitration

question 116

Multiple Choice

Which of the following is the chief advantage of arbitration?

• A) It doesn't require the use of a third party.
• B) It usually leaves both parties satisfied.
• C) It always ends with a settlement.
• D) It's faster than mediation.
• E) It's cheaper than mediation.

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Definitions:

Absolute Labor Productivity

The total output produced by a worker or workforce in a given time period, not adjusted for factors like hours worked.

Relative Opportunity Costs

The loss of potential gain from other alternatives when one alternative is chosen, expressed in terms of the ratio between the cost of the chosen alternative and the cost of the next best alternative.

Opportunity Cost

The cost of forfeiting the next best alternative when one option is chosen over another.

Comparative Advantage

The capability of a company, individual, or country to manufacture a product or offer a service with a reduced opportunity cost than competing entities.