When Is an Arbitrator's Decision Called an "Award

question 59

Multiple Choice

When is an arbitrator's decision called an "award"?

• A) Always.
• B) Only if one party completely wins and there is no split decision.
• C) Never.
• D) Only if a money award is involved.
• E) Only if both parties had lawyers because that terminology makes it easier for the lawyers to be paid.

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Definitions:

Price Floor

A government or regulatory-imposed minimum price that can be charged for a good or service, intended to ensure fair remuneration for producers or to protect consumers from excessively low prices.

Shortage

A situation where demand for a product or service exceeds the supply available at a specific price.

World Price

The international market price of a good, influenced by global supply and demand.

CD-Rom Drives

Hardware devices used to read data stored on CD-ROMs, commonly used for media and software distribution before the digital era.