What Is the Difference Between a Mediator and an Arbitrator

question 105

Essay

What is the difference between a mediator and an arbitrator?

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Definitions:

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where market supply equals demand.

Collusion

A secret or illegal cooperation or conspiracy, especially between parties to cheat or deceive others, commonly in the context of firms agreeing on prices or market shares.

Incentive To Cheat

The motivation or reason that drives individuals or organizations to break rules, norms, or agreements in order to gain an unfair advantage or benefit.

Oligopolists

Firms or entities that are part of an oligopoly, a market structure characterized by a small number of large firms dominating the market, leading to limited competition.