Hiring contractor to remodel your kitchen

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20-3 Kitchen Remodel Costs Suppose you are hiring a contractor to remodel your kitchen. One contractor offers a fixed price for the complete job, while a competing contractor offers a cost-plus offer where you are billed a multiple of the contractor's cost of materials. Which contractor has an incentive to incur cost overruns? Which contractor has an incentive to use substandard materials and less competent labor?

Reference no: EM134038450

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