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Consider the two functions shown below. A. B.
Labour
The human effort, both physical and mental, used in the production process.
Competitive Bidding
A purchasing process in which suppliers submit bids to win the rights to fulfill a contract.
Bid Price
The price a buyer is willing to pay for a good, service, or financial instrument.
Incremental Costs
Costs that change with the level of output or activity, directly associated with a specific business decision.
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