In _______________________ Arbitration, the Arbitrator Is Not Constrained to Choose

question 57

Multiple Choice

In _______________________ arbitration, the arbitrator is not constrained to choose either the management or union's offer(s) ; rather she can make up whatever final contract terms she deems appropriate and fair.

• A) Conventional
• B) Issue-by-issue final offer
• C) Whole package final offer
• D) Mediation

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Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a productive input, holding other inputs constant.

Production Function

An equation that describes the maximum output of a good achieved from a given number of inputs.

Input

The inputs such as labor, materials, or resources utilized in creating products and services.

Convexity

In economics and finance, convexity refers to the shape of the curve that demonstrates how the duration of a bond changes as the interest rate changes.