What is the process called in which buyers ask a number of potential suppliers to submit price quotes on a proposed purchase or contract, of which the lowest will be accepted?
A) specification
B) competitive bidding
C) noncompetitive bidding
D) auctioning

Question

Quizplus · Accepted Answer

Competitive bidding is the process where buyers invite multiple suppliers to submit bids for a contract or purchase, and typically, the lowest bid is accepted. This process ensures transparency and fairness in procurement, aiming to get the best value for the buyer.

What Is the Process Called in Which Buyers Ask a Number