Which of the Following Is Generally Not True of the Arbitration

question 41

Multiple Choice

Which of the following is generally not true of the arbitration process in labor relations?

• A) About half of all agreements provide for arbitration of grievances.
• B) Arbitration as a last step is provided for in the agreement.
• C) If one party requests the arbitration of a grievance, both must abide by the arbitrator's decision.
• D) The selection of an arbitrator is specified in the agreement.

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Definitions:

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues, indicating the total financial gain.

Accounting Profits

The net income for a company after all expenses, taxes, and costs have been subtracted from total revenue.

Economic Profits

The excess of total revenue over total cost, including both explicit and implicit costs, indicating the efficiency of resource utilization beyond breakeven.

Perfectly Competitive

A market structure characterized by many buyers and sellers, free entry and exit, and a homogenous product, leading to price taking behaviour.