Which of the following statements correctly describes the purchasing capability of micro-purchases?

The statement that micro-purchases can be made without soliciting competitive quotes under a reasonable price assessment accurately describes the purchasing capability associated with micro-purchases. Micro-purchases refer to small purchases, typically not exceeding a specific dollar threshold set by federal regulations (which is currently $10,000 for most federal purchases).

One of the key features of micro-purchase authority is the flexibility it offers. Agencies can make these purchases quickly without the necessity for a formal competitive bidding process. Instead, the government can use a reasonable means to assess price, which often involves informal sources of price information or market research to determine that the price is fair and reasonable. This streamlining of the purchasing process allows for efficiency in acquiring low-cost supplies or services, which is especially important for urgent needs or when the cost is minimal.

In contrast, the other statements do not accurately reflect the nature of micro-purchases. Competitive bidding is not a requirement for micro-purchases, so the first statement is incorrect. The third statement about FAR regulations for small businesses does not specifically pertain to micro-purchasing but relates more generally to procurement processes. Lastly, the fourth statement is incorrect as it suggests that micro-purchases must exceed $10,000, whereas they are defined as being