The Grievance Arbitration Process Is About Helping the Parties to Problem-Solve

question 98

True/False

The grievance arbitration process is about helping the parties to problem-solve their differences regarding the interpretation of the contract and not a judicial activity where the arbitrator uses existing law to interpret the contract.

---

Definitions:

Maximize Utility

The economic objective of consumers to achieve the highest level of satisfaction possible from their consumption decisions, given their income and the prices of goods and services.

Marginal Utility

The additional satisfaction or benefit that a consumer derives from consuming an additional unit of a good or service.

Equilibrium

A state where supply and demand balance, and as a result, prices become stable.

Unit Price

The cost assigned to a single unit of a product or service, facilitating price comparisons among similar products based on per unit costs.