The Decision Reached by an Arbitrator Is Called A(n) _____

question 66

Multiple Choice

The decision reached by an arbitrator is called a(n) _____.

• A) endorsement
• B) award
• C) agreement
• D) prize

---

Definitions:

Opportunity Cost

The potential benefit missed out on when choosing one alternative over another; essentially, it's the cost of foregoing the next best option.

Individual Choice

Decision-making by individuals based on their preferences, resources, and trade-offs they face.

Productive Capacity

The maximum output that an economy can produce without increasing inflation, driven by available resources and technology.

Specialization

The focus of a business, region, or individual on producing a limited range of goods or services to gain greater efficiency and productivity.