Using Fair Process in Decision Making and Making Sure Others

question 97

Multiple Choice

Using fair process in decision making and making sure others know that the process is as fair as possible is referred to as:

• A) procedural justice.
• B) arbitration.
• C) positive reinforcement.
• D) fair labor policy.
• E) negative reinforcement.

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Definitions:

Pure Monopolist

A market participant that is the sole supplier of a unique product without close substitutes, possessing significant control over market prices.

Total Revenue

The total income earned by a firm from selling its products or services.

Demand Schedule

A presentation showing the level of demand from buyers for a product or service, matched to their willingness and ability to pay at various price scales.

Socially Optimal

Refers to the most efficient allocation of resources from society's point of view, where social welfare is maximized.