Which of the Following Statements About Competitive Bidding Is/are True

question 70

Multiple Choice

Which of the following statements about competitive bidding is/are true?
i. The higher the price that is bid, the greater the profit, if the firm gets the contract.
ii. Bidding a higher price increases the probability of obtaining the contract.
iii. A company bidding low enough to ensure the acceptance of a contract may have bid too low to make an acceptable profit on the job.

• A) i
• B) ii
• C) i and iii
• D) All of the given answers

---

Definitions:

Taste Sensitivity

The ability of an individual's taste buds to differentiate and respond to different flavors and substances.

Hunger

The physical sensation or condition of feeling the need to eat, typically resulting from the body's natural response to a decrease in blood glucose levels.

Time Deprivation

A condition of experiencing less time than is needed to perform one's tasks or activities, often leading to stress or anxiety.

Representative Sample

A segment of the population that precisely represents the characteristics of the whole population.