An Arbitrator's Award Is Based On

question 110

Multiple Choice

An arbitrator's award is based on:

• A) application of law to the evidence presented
• B) his personal feelings about the case
• C) the presentations of the parties involved
• D) the cooperativeness of the parties involved
• E) none of the other choices are correct

Interpret the effects of opportunity costs on business decisions.

Understand the theory of constraints and its application in managing production bottlenecks.

Analyze the profitability of products or services given constraints.

Apply markup calculations in determining selling prices based on various costing approaches.

---

Definitions:

Deadweight Loss

An economic inefficiency that occurs when there is a difference between the supply and demand equilibrium caused by market distortions, resulting in loss of economic efficiency.

Surcharge

An additional charge, tax, or cost added to the usual cost or to the price of a transaction.

Professional Basketball Game

An organized, competitive basketball contest played by professionals in a league, often characterized by high skill levels and entertainment value.

Deadweight Loss

A loss in economic efficiency that can occur when the equilibrium for a good or service is not achieved or is unattainable.