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1)What advantages does the competitive bid process have as a method of price determination?
How is the supplier cost related to supplier price?
What are the various types of Prices?

2)Distinguish between Direct & Indirect Costs. How can the buyer analyse these costs?What methods can the buyer use to establish price for (a)sensitive commodities,(b)special items ,(c)standard production items,(d) items of small value?

3)What are the common Incoterms that a buyer will encounter ? which one of them seems to give the best value?

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Question 1
According to economist market failure is when the product does not find takers and
the efficient market conditions have not been created for the market. There are loop
holes in the...