________ is the process of determining the terms of exchange by individual negotiations between a buyer and a seller.
A) Backward induction
B) Bilateral bargaining
C) Arbitration
D) Collective bargaining

Question

Quizplus · Accepted Answer

Bilateral bargaining is the process where two parties (buyer and seller) negotiate the terms of exchange between them. Backward induction is a method of solving sequential games, arbitration is a process of resolving disputes with the help of a neutral third party, and collective bargaining involves negotiations between an employer and a group of employees (usually represented by a union).

________ Is the Process of Determining the Terms of Exchange