Which of the following statements is TRUE regarding arbitration?
a. Arbitration takes place in a private forum.
b. An arbitrator can render a binding decision.
c. Arbitration does not involve a third party.
d. An arbitrator cannot be required to testify in court.
b
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Hobby-Light is a desk light that lets hobbyists match colour swatches accurately without going outside. Its like convenient, natural sunlight inside. The lights have high marketing costs, are sold with high dealer margins, and high production costs. Ads for the product aim at educating craftspeople who work with fabrics and paints about the benefits of the Otto-Light. In which stage of the product life cycle is the light?
A. Introductory B. Growth C. Maturity D. Decline E. Saturation
Which of the following exemplifies a pure competitive market?
A) a market where many buyers and sellers trade over a range of prices rather than a single market price B) a market where a single firm controls the larger fraction of the market share C) a market where a few powerful firms control the larger fraction of the market share D) a market characterized by only a few large sellers E) a market where many buyers and sellers trade in a uniform commodity