How Can Two Firms Arrive at Two Different Bid Prices

question 63

Essay

How can two firms arrive at two different bid prices when bidding for the same job and given the same bid specifications?

---

Definitions:

Substitutes

Alternative products or services that can fulfill the same need or function as another in the eyes of consumers.

DVD Players

Electronic devices designed to play DVDs, compact discs often containing movies or other video content.

Television Sets

Electronic devices designed to receive broadcast signals and display them as visual images.

Substitutes

Products or services that serve as alternatives to each other, where a rise in the price of one results in a higher demand for its counterpart.