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Scenario 14-2
The economy is in long-run equilibrium. Suddenly, due to corporate scandals, international tensions, and the loss of confidence among policymakers, citizens become pessimistic concerning the future. They maintain this level of pessimism for a long time.
-Refer to the Scenario 14-2.In the short-run,which of the following are consistent with the aggregate demand and aggregate supply theory?
Arbitration
A method of dispute resolution outside of courts where an arbitrator makes a decision which is binding to both parties.
Litigation
The process of resolving disputes or controversies by filing lawsuits in court.
Mediation
A form of alternative dispute resolution where a neutral third party helps the disputing parties come to a mutually agreeable solution.
Summary Jury Trial
A condensed version of a jury trial intended as a non-binding process to encourage settlement of disputes.
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