________ Is the Awarding of a Contract for an Item

question 12

Short Answer

________ is the awarding of a contract for an item or service to only one supplier.

---

Definitions:

Prices

The amounts of money required to purchase goods and services, serving as signals in an economy to allocate resources.

Income

Payment for services or from investment returns, customarily coming in at steady intervals.

Preferences

In economics, it refers to the ordering of different alternatives by individuals based on their satisfaction, utility, or happiness.

Compensating Variation

A measure in economics of the amount of money one would need to reach their original utility level after a change in price or income.