A price is considered based on adequate price competition when which of the following conditions are met?

A price is considered based on adequate price competition when there are offers from two or more responsible offerors and they are competing independently. This condition is crucial because it ensures that there is genuine competition in the bidding process, which can lead to better pricing and terms for the contracting entity. Independent competition among offerors helps to drive down prices and can result in more favorable contract terms. It reflects a healthy competitive market where multiple parties are motivated to present their best offers, thus increasing the likelihood of receiving a fair and reasonable price.

In contrast, conditions like having prices determined by an independent board do not inherently reflect the competitive dynamics of the market and may not ensure the best pricing. Similarly, awarding a contract solely to the lowest bidder does not guarantee that adequate competition exists, as it may result from a lack of alternatives rather than a genuine competitive process. Lastly, the presence of offers only from large businesses does not necessarily indicate adequate competition, as competition can exist among businesses of various sizes. The focus on independent competition and the involvement of multiple responsible offerors is what defines adequate price competition.