The Least Formal Method of Alternative Dispute Resolution Is

question 378

Multiple Choice

The least formal method of alternative dispute resolution is:

• A) court-annexed arbitration
• B) mini-trial
• C) mediation
• D) arbitration
• E) none of the other choices are correct

Understand the use of chi-squared tests in analyzing the relationship between two nominal variables.

Identify the null and alternative hypotheses in chi-squared tests of independence or association.

Calculate the degrees of freedom for a given contingency table.

Interpret the results of a chi-squared test including the test statistic and p-value.

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Definitions:

Economic Loss

The difference between the revenues received from the sale of an output and the opportunity cost of the inputs used.

Average Variable Cost

The variable cost per unit of output, obtained by dividing the total variable cost by the total output.

Marginal Cost

The change in total production cost that comes from making or producing one additional unit.

Shut Down

A short-term decision by a firm to cease operations and production when the market price is below its variable costs, to minimize losses.