Concept:Bid pricing is the pricing policy applied when contracts are awarded through a competitive tender process.Explanation:In tender-based contracts, several firms are invited to submit their proposed prices.Each firm sets a price that it believes can win the contract while still covering its costs.This minimum acceptable price is determined mainly by the firm's estimated cost of executing the contract.Since the award depends on the tender submitted, the pricing policy used is called bid pricing.Answer:C. Bid Pricing