Examlex
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.
Variable Cost
Expenses that change in proportion with production output or sales, such as materials and labor.
Fixed Costs
Costs that remain constant regardless of the amount of goods produced or sold, like lease payments, wages, and coverage fees.
Selling Price
The amount for which a good or service is sold, determining the revenue generated from sales activities.
Variable Cost
Costs that change in proportion to the level of activity or volume of production in a business.
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