What Is the Memorandum of Settlement

question 25

Multiple Choice

What is the memorandum of settlement?

• A) Management's agreement to bargain with the union in good faith
• B) A summary of the terms and conditions agreed to by the parties
• C) A proposal for negotiation that is imposed by a governmental authority
• D) The signed collective agreement that has been ratified by both parties as well as their constituents
• E) The union's agreement to bargain with management in good faith

---

Definitions:

Utility Function

A utility function is a mathematical representation of a consumer's preference ranking for different bundles of goods, showing the level of satisfaction for each.

Wealth

A substantial amount of monetary assets or physical valuables that are capable of being changed into a format usable for trading purposes.

Utility Function

A mathematical representation of how a consumer ranks different bundles of goods according to their level of satisfaction or utility.

Risk Averse

A description of an investor or decision-maker who prefers to avoid risk, choosing options with potentially lower returns but lesser risks.