Fact Pattern 2-A1 (Questions A14-A16 Apply)

question 13

Multiple Choice

Fact Pattern 2-A1 (Questions A14-A16 apply)
Java Cafes,Inc.,and Kaffe Import Corporation dispute a term in their contract.
-Refer to Fact Pattern 2-A1.Resolving the dispute between Java and Kaffe by having a neutral third party render a binding decision is one of the ad?vantages of

• A)arbitration.
• B)conciliation.
• C)intervention.
• D)mediation.

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Definitions:

Excess Demand

A situation where the demand for a product or service exceeds its supply in a market.

Price

The amount of money that must be paid to acquire a given product or service.

Quantity Demanded

The amount of a product that buyers are willing and able to purchase at a given price.

Excess Supply

The situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.