The US Supreme Court Has Generally Considered the Use of Arbitration

question 53

True/False

The U.S. Supreme Court has generally considered the use of arbitration less effective than the courts in settling grievances.

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Definitions:

Elasticity Coefficient

A numerical measure of the responsiveness of the quantity demanded or supplied of a good or service to a change in one of its determinants, such as price.

Elastic

Describes a situation in economics where the demand for a product or service significantly changes in response to a price change.

Substitution Effect

The change in consumption resulting from a change in the relative prices of goods, leading consumers to substitute one good for another.

Relative Price

The price of one good or service compared to another, usually expressed as a ratio or quotient.