To Help Solicit the Request for Proposal, the Customer Should

question 51

Multiple Choice

To help solicit the request for proposal, the customer should

• A) keep the RFP a secret until the time for soliciting for bids.
• B) only distribute the RFP in newspapers and websites.
• C) identify select contractors that would bid on the project and share the RFP with them.
• D) provide select information to a few companies rather than all that might be interested in submitting a proposal.

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Definitions:

Price Takers

Firms or individuals who accept the market price as is because they do not have enough market power to influence the price of the goods or services they sell.

Downward-Sloping Demand

A concept in economics that indicates demand for a good or service decreases as its price increases, assuming all other factors remain constant.

Output

The amount of goods or services produced by a company, industry, or economic system.

Price Searchers

Price searchers are businesses or sellers who determine the sale price of their products or services based on market conditions, rather than fixed prices.