In Order for the Price Mechanism to Work,we Need

question 124

Multiple Choice

In order for the price mechanism to work,we need

• A)To have the government regulate each industry.
• B)Many competing firms in each industry.
• C)To have only a few firms in each industry.
• D)None of the choices are true.

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Definitions:

Arbitration

Arbitration is a method of resolving disputes outside the courts, where an impartial third party, known as an arbitrator, makes a decision that's binding on the parties involved.

Binding Arbitration Clause

A contract provision mandating that all disputes arising under the contract must be settled by arbitration.

Disputes

Conflicts or arguments between parties that may require resolution through negotiation or legal means.

Contract

A legally binding agreement between two or more parties, enforceable by law.