Arbitrators

question 30

Multiple Choice

Arbitrators

• A)are expected to hold a hearing to investigate the circumstances surrounding a dispute.
• B)may not directly examine witnesses.
• C)render awards that are binding on the parties and may not be altered.
• D)are restricted to determining disputes that arise out of violations of the collective agreement.
• E)a,b,and c.

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Definitions:

Elastic Demand

Refers to a situation where the quantity demanded of a good or service changes drastically in response to changes in its price.

Industry Output

The total production of goods and services provided by an industry within a specific period.

Equilibrium Point

A state in which market supply and demand balance each other, resulting in stable prices.

Wage Rate

The standard amount of pay given for work performed, typically expressed on an hourly, daily, or piecework basis.