Opportunity Cost Is Objective; Therefore, Its Value Does Not Change

question 16

True/False

Opportunity cost is objective; therefore, its value does not change as circumstances change.

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Definitions:

RFQ

Stands for Request for Quotation, a document that invites suppliers to submit a quote for the supply of specific goods or services.

Qualified Suppliers

Suppliers that have been evaluated and determined to meet the necessary standards and criteria to provide goods or services.

Fixed Price Contract

A contract agreement where the service or product is provided at a predetermined and unchangeable price.

Scope Of Work

A detailed description of the specific tasks, activities, deliverables, and timelines that a project or contract will include.