When the American Arbitration Association Receives an Application for Appointment

question 10

Multiple Choice

When the American Arbitration Association receives an application for appointment of an arbitrator,it

• A) meets with a local trial judge to determine whether litigation or arbitration will be most efficient and advantageous based on the parties and the nature of the dispute.
• B) meets with attorneys from both sides to determine whether litigation or arbitration will be most efficient and advantageous based on the parties and the nature of the dispute.
• C) receives a list of suggested arbitrators from both parties and then selects the arbitrator, who informs the parties of the procedures and rules of arbitration.
• D) appoints a tribunal administrator, who informs the parties of the procedures and rules of arbitration.

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Definitions:

Marginal Revenue

The additional income generated from selling one more unit of a product or service, crucial for decision-making in production and pricing strategies.

ΔTR/Δq

Represents the change in total revenue divided by the change in quantity sold, indicating marginal revenue.

TR/q

Represents Total Revenue divided by quantity, a formula used to calculate average revenue per unit sold.

Short Run

A period during which at least one of a firm's inputs is fixed and cannot be changed.