n a competitive bid,

Multiple Choice

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

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

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

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

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