Price Is a Measure of What the Customer Must Exchange

question 82

True/False

Price is a measure of what the customer must exchange to obtain goods and services and is an indicator of value to the customer.

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Definitions:

Arbitration

The settling of a dispute by submitting it to a disinterested third party (other than a court), who renders a decision. The decision may or may not be legally binding.

Alternative Dispute Resolution

A range of processes, such as mediation and arbitration, designed to resolve disputes without traditional litigation.

Question of Law

A matter concerning the interpretation or application of laws, as opposed to a question of fact, decided by a judge.

Appellate Court

An Appellate Court is a higher court that reviews the decisions of lower courts to ensure legal errors were not made during the proceedings.