What Does Ratification Mean

question 21

Multiple Choice

What does ratification mean?

• A) the process of rating the aspiration point on a priority basis
• B) the process of getting a contract approved by some other group
• C) the process of deferring the deadline for negotiation
• D) the process of settling a dispute in negotiation process

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Definitions:

Fair Allocations

In economics and game theory, it refers to the distribution of resources or goods among participants in such a way that the allocation is considered equitable according to certain criteria.

Apples

A type of fruit that is grown on apple trees and comes in several varieties differing in sweetness, color, and size.

Oranges

A citrus fruit rich in vitamin C, cultivated and consumed worldwide, both fresh and as juice.

Utility Functions

Formulations representing a consumer's preference, measuring the relative satisfaction from consuming different bundles of goods.