After reviewing chapter 4- give your opinion on the following assertion "The cost of litigation and demand of the courts has necessitated that parties to litigation mediate their cases. Engagement in alternative dispute resolution (ADR) has been not only cost and time effective, but very satisfying to clients." What are the Difference between Arbitration, mediation, and Litigation? What are the pros and cons?

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.