While Mediation Assists the Parties to Reach Their Own Settlement,_____

question 68

Multiple Choice

While mediation assists the parties to reach their own settlement,_____ hears the positions of both and decides on binding settlement terms.

• A)fact-finding
• B)arbitration
• C)wildcat resolution
• D)intercession

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Definitions:

Natural Monopoly

A market condition where a single firm can supply a good or service to an entire market more efficiently than multiple firms due to high fixed or startup costs.

Economies Of Scale

The cost advantage that arises with increased output of a product, as fixed costs are spread over more units of production, reducing the cost per unit.

Diseconomies Of Scale

An increase in average total cost as output rises.

Monopoly

A market structure characterized by a single seller who has exclusive control over a product or service, with no close substitutes.