$13$

What happens in a competitive bid?

Multiple Choice

$00$:$16$:$11$

If different suppliers' quality, dependability, and delivery schedules all meet the buyer's specifications, the buyer will select the high$-$price bid.

As the number of suppliers competing for the business increases, the ability to drive down prices or provide beneficial terms of sale is lost.

The terms of sale are offered by the supplier in response to the purchase specifications posted by a buyer.

The terms of sale are offered by a buyer after product specifications are posted by the seller.

Long$-$term suppliers of a firm compete to do business with the firm to increase flexibility and spur innovation.