A ________ Is Sent Out to a Large Number of Potential

question 20

Multiple Choice

A ________ is sent out to a large number of potential vendors to serve as an initial market scan of the options.

• A) request for proposal
• B) request for information
• C) request for quotation
• D) request for tender

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Definitions:

Cost Minimizing

The strategy or process of reducing expenses to the lowest possible level while maintaining the desired level of production quality or service.

Inputs

The resources such as labor, materials, and capital used in the production process.

MRTS

Marginal Rate of Technical Substitution, indicating how much of one input can be reduced when one more unit of another input is used, keeping output constant.

MRTS

Marginal Rate of Technical Substitution; the rate at which one input can be reduced for every increase in another input while maintaining the same level of output.