Command-And-Control Legislation, as Compared to Incentive-Based Regulation

question 5

Multiple Choice

Command-and-control legislation, as compared to incentive-based regulation:

• A) encourages the use of comparative advantage in the short run, and the development of new technology in the long run.
• B) encourages the use of comparative advantage in the short run, but discourages the development of new technology in the long run.
• C) discourages the use of comparative advantage in the short run, but encourages the development of new technology in the long run.
• D) discourages the use of comparative advantage in the short run, and discourages the development of new technology in the long run.

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Definitions:

Early Neutral Case Evaluation

A form of alternative dispute resolution in which a neutral third party evaluates the strengths and weaknesses of the disputing parties’ positions. The evaluator’s opinion forms the basis for negotiating a settlement.

Nonbinding Arbitration

An arbitration process where the decision or award cannot be legally enforced, and the parties are free to pursue further legal actions.

Binding Mediation

A dispute resolution process where the parties agree in advance to comply with the mediator's decision or recommendation.

Good Listening Skills

The ability to effectively receive, interpret, and respond to verbal communication and non-verbal cues from others.