A Subcontractor's Bid

question 38

Multiple Choice

A subcontractor's bid:

• A)is considered an offer.
• B)can be revocable.
• C)can be withdrawn even if the general contractor has relied on it.
• D)is considered to be a part of a shrinkwrap agreement.

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Definitions:

Marginal Product

The rise in output due to an extra unit of input.

Marginal Product

The additional output that can be produced by adding one more unit of a specific input, keeping all other inputs constant.

Marginal Profit

The rise in earnings achieved by selling an extra unit of a product or service.

Market Price

The current price at which an asset or service can be bought or sold in a marketplace.