When a Third Party Determines a Binding Settlement to a Dispute

question 130

Multiple Choice

When a third party determines a binding settlement to a dispute, this is known as

• A) mediation.
• B) arbitration.
• C) integration.
• D) distribution.
• E) competition.

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Definitions:

Free International Trade

The exchange of goods and services between countries without the imposition of restrictions such as tariffs, quotas, or subsidies.

Producer Surplus

The difference between what producers are willing to accept for a good or service and the higher price they actually receive.

International Trade

Swapping goods and services across the borders of different countries or regions.

World Price

The international market price at which goods, services, or commodities are bought and sold.