A university's purchasing department is required to get at least three bids for any purchase greater than $3,000.This requirement is used to keep suppliers "on their toes."

Question

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The statement is true. The university's purchasing department is required to get at least three bids for any purchase greater than $3,000 to ensure competition among suppliers and obtain the best value for the university. This requirement keeps suppliers "on their toes" and encourages them to submit competitive bids.

A University's Purchasing Department Is Required to Get at Least