The Price System Has

question 178

Multiple Choice

The price system has

• A) prices fixed by the government.
• B) prices fixed by the seller.
• C) voluntary exchange.
• D) prices fixed by the producer.

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Definitions:

Arbitration Clause

A clause in a contract that provides that, in the event of a dispute, the parties will submit the dispute to arbitration rather than litigate the dispute in court.

Mediation

a form of alternative dispute resolution where a neutral third party helps conflicting parties to reach a mutually acceptable agreement.

Arbitration

A method of dispute resolution involving a neutral third party who makes a binding decision.

Negotiation

The discussion aimed at reaching an agreement when two or more parties have different needs or wants.