The University of Lalaland Has Decided to Move to a New

question 28

Multiple Choice

The University of Lalaland has decided to move to a new system in dealing with employee complaints. It has hired a retired judge whose job is to listen to employees' complaints and then try to seek solutions through negotiation and mediation. What is the most likely title of this person's job?

• A) complaint officer
• B) hearing judge
• C) arbitrator
• D) ombudsperson

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Definitions:

Marginal Revenue

The extra revenue produced by the sale of an additional unit of a product or service.

Relatively Elastic

A characteristic of a good or service with a demand that is sensitive to changes in price, meaning that small changes in price lead to larger changes in quantity demanded.

Marginal Revenue

The surplus earnings obtained from the sale of one extra unit of a product or service.

Total Revenue

The overall income generated by a business from its sales activities, calculated by multiplying the price of goods by the quantity sold.