The process by 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,is called:
A)specification.
B)competitive bidding.
C)noncompetitive bidding.
D)competitive pricing.

Question

Quizplus · Accepted Answer

The process described is competitive bidding, where multiple suppliers are asked to submit their price quotes and the lowest one is chosen. Specification refers to the detailed requirements and characteristics of the desired product or service. Noncompetitive bidding involves limited competition or a single supplier. Competitive pricing refers to pricing strategies that aim to offer prices comparable or better than competitors.

The Process by Which Buyers Ask a Number of Potential