Which Dispute Resolution Procedure Involves Disputants Retaining Control Over the Final

question 18

Multiple Choice

Which dispute resolution procedure involves disputants retaining control over the final decision,in the presence of a third party guiding the process?

• A) adversarial adjudication
• B) inquisitorial adjudication
• C) mediation
• D) bargaining

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Definitions:

Optimal Allocation

The most efficient distribution of resources in a manner that maximizes the net benefit received from their use.

Scarce Resources

Natural or economic resources that are limited in supply compared to the demand for them.

Long-run Equilibrium

Long-run equilibrium occurs when all firms in a market or industry are producing at their most efficient level, with no incentive to enter or exit the market.

Purely Competitive

A market structure characterized by many buyers and sellers, where each has negligible impact on market price.