An Arbitrator's Award Is Always the Final Word on a Matter

question 17

True/False

An arbitrator's award is always the final word on a matter.

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Definitions:

Rationing Function

The process by which scarce goods and services are distributed among competing users.

Price Ceiling

A legally established maximum price for a good, or service. Normally set at a price below the equilibrium price.

Legal Price

A price set by law or regulation, typically to prevent prices from being too high or too low in a market.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.