A Mediator Should Enter a Negotiation When

question 106

Multiple Choice

A mediator should enter a negotiation when

• A)personal differences are detected.
• B)the parties are only talking for short periods of time and tension is rising.
• C)the parties are unable to find a solution.
• D)a quick resolution is desired but not imperative.

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Definitions:

Demand Function

A mathematical expression that shows the relationship between the quantity demanded of a good and its price, holding other factors constant.

Elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in price or other economic variables.

Elasticity of Demand

Quantifies the change in demand for a commodity in response to its price movements.

Demand Curve

A graph showing the relationship between the price of a good and the amount of the good that consumers are willing to buy at different prices.