When Parties Agree to Resolve a Dispute by Arbitration They

question 432

Multiple Choice

When parties agree to resolve a dispute by arbitration they rely on an arbitrator. An arbitrator is usually:

• A) an attorney who knows nothing about the issues in the matter and is unbiased
• B) a management representative of one side to the dispute
• C) a neutral expert in the field who may or may not be an attorney
• D) a judge who has experience in small claims courts
• E) a competitor of both parties

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Definitions:

Budget Constraint

The limitation on the consumption choices of an individual or family based on their income and the prices of goods and services.

Indifference Curve

A graph representing combinations of goods or services among which an individual is equally satisfied.

Equally Affordable

A condition where different goods or services have the same cost in terms of their value to a consumer, making them equally desirable.

Indifference Curves

Graphical representations in economics showing different combinations of two goods among which a consumer is indifferent in terms of utility or satisfaction.