A Request for Proposal Sent to Software Vendors Is an Important

question 3

Multiple Choice

A request for proposal sent to software vendors is an important tool since it can reduce errors.Which statement below supports this reason?

• A) All responses are in the same format and based on the same information.
• B) Both parties possess the same expectations and pertinent information is captured in writing.
• C) The chances of overlooking important factors are reduced.
• D) The same information is provided to all vendors.

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Definitions:

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that sellers are willing to offer for sale, holding other factors constant.

Horizontal Axis

In a graph or chart, it is the x-axis, representing the independent variable.

Equilibrium Quantity

Equilibrium quantity is the quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.

Cross Elasticity

A measure of the responsiveness of the demand for one good to a change in the price of another good.