In 1995,Congress Enacted the Administrative Dispute Resolution Act to Require

question 49

True/False

In 1995,Congress enacted the Administrative Dispute Resolution Act to require federal agencies to use arbitration or mediation to resolve disputes.

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Definitions:

Economic Efficiency

A situation in which resources are optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

Market

A system or an environment where buyers and sellers interact to trade goods, services, or financial instruments.

Free-rider Problem

A situation where individuals consume goods or services without paying for them, which typically occurs with non-excludable and non-rival public goods.

Market Resources

The assets, materials, and inputs used to produce goods and services and are made available through the market.