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

What disadvantages does the competitive bid process have as a method of price determination?
How is supplier cost related to supplier price?
What are the various ways by which prices are determined?
Distinguish between direct and indirect costs. How can the buyer analyze these costs?
What are cash discounts, quantity discounts, trade discounts, and cumulative discounts? Should a buyer attempt to use these discounts? How?

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