FIGURE 14-1 -Subway (See Image in Figure 14.1 Above) Is a Popular

question 147

Multiple Choice

FIGURE 14-1
-Subway (see image in Figure 14.1 above) is a popular _________.

• A)business-format franchises
• B)product-distribution franchises
• C)business franchise venture
• D)manufacturing franchises
• E)general service franchise

Recognize the advantages and disadvantages of ADR over traditional litigation.

Identify the circumstances under which arbitration is preferred and its enforceability within legal and contractual contexts.

Distinguish between different types of ADR (arbitration, mediation, negotiation) and their respective processes and outcomes.

Understand the role of the Equal Employment Opportunity Commission (EEOC) and its interaction with arbitration agreements in the context of employment discrimination.

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Definitions:

Above-Equilibrium Wage Rates

Wages set above the market equilibrium, often leading to surplus labor supply or unemployment, as employers demand less labor at higher wage rates.

Opportunity Cost of Shirking

The benefits a worker forgoes by choosing to shirk (reduce their level of effort or productivity) at work, which could include potential wage increases, promotions, or job security.

Shirking

The action of avoiding or escaping from work or duties.

Monitoring Costs

Expenses involved in overseeing and controlling the performance of a business or investment.