Which of the Following Best Explains a 'Request for Proposal

question 6

Multiple Choice

Which of the following best explains a 'Request for Proposal (RFP) '? 

• A) Suppliers are invited to submit a final proposal after the buyer's invitation to tender which meets the requirements as laid down in the request for quotation. 
• B) Suppliers are invited to submit a first proposal prior to the buyer's invitation to tender which meets the requirements as laid down in the request for quotation. 
• C) Suppliers are invited to submit a first proposal after the buyer's invitation to tender which meets the requirements as laid down in the request for quotation. 
• D) Suppliers are invited to submit a final proposal prior to the buyer's invitation to tender which meets the requirements as laid down in the request for quotation.

---

Definitions:

Aggregate Supply Curve

Curve showing the level of real GDP produced at different price levels during a time period, ceteris paribus.

Maximum Output Level

The highest quantity of a good or service that can be produced efficiently with available resources and technology.

Profit Incentive

A profit incentive is a financial or material reward that motivates individuals or businesses to pursue certain actions or goals for economic gain.

Classical Theory

An economic theory that suggests that free markets operate under the laws of supply and demand and are self-regulating.