In Which Situation Would an Arbitrator's Decision Be Called an "Award

question 17

Multiple Choice

In which situation would an arbitrator's decision be called an "award"?

• A)Always.
• B)Only if a money award is involved.
• C)Only if both parties had lawyers because that terminology makes it easier for the lawyers to be paid.
• D)Never.
• E)Only if one party completely wins and there is no split decision.

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Definitions:

Efficiency Loss

The loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.

Demand and Supply

The fundamental concepts of economics that demonstrate how the quantity of goods or services demanded by consumers relates to the quantity supplied by producers at various prices.

Inelastic

Describing a situation where the demand or supply for a product does not significantly change in response to price changes.

Excise Tax

Excise tax is a tax on the sale or use of specific products or transactions, often levied to discourage certain behaviors or raise revenue.