Bid-Rigging Scheme Occurs When

question 18

Multiple Choice

Bid-rigging scheme occurs when:

• A) an employee fraudulently assists a vendor in winning a contract through the competitive bidding process.
• B) an employee does not assist a vendor in winning a contract through the competitive bidding process.
• C) an employee once assists a vendor in winning a contract through a single competitive bidding process.
• D) All of the above

---

Definitions:

Elastic Demand

Reflects how the quantity demanded of a good or service changes in response to a change in price; high elasticity indicates demand is highly sensitive to price changes.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good consumers are willing and able to buy.

Perfectly Elastic

A situation in economic theory where the quantity demanded or supplied responds infinitely to changes in price.

Perfectly Inelastic

A situation in which the demand for a good or service does not change in response to changes in price.