Bids

question 46

Multiple Choice

Bids:

• A) are legally not enforceable.
• B) can be verbal but not written.
• C) cannot respond to a petition.
• D) can be written but not verbal.
• E) can be in response to a solicitation or unsolicited.

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Definitions:

Second-Price Auction

An auction format in which the highest bidder wins but pays the second-highest bid, encouraging true value bidding.

Selling Price

The amount of money for which a product or service is sold to the customer.

True Value

The actual, intrinsic value of an asset or entity, not influenced by external factors like market fluctuations or subjective perceptions.

Bid-Rigging

An illegal agreement among competitors to raise, lower, or maintain prices at agreed-upon levels, often in auctions.