Question: Q1what disadvantages does the competitive bid process have as a method of price determination? 2) How is supplier cost related to supplier price? 3) What

Q1what disadvantages does the competitive bid process have as a method of price determination?

2) How is supplier cost related to supplier price?

3) What are the various ways by which prices are determined?

4) What methods can the buyer use to establish price for (a) raw materials; (b) professional services; (c) parts, components and packaging; and (d) MRO supplies?

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