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Linked PYQ

Suppose you are the CEO of a company manufacturing specialized electronic equipment used by a government department. Your bid is better in quality and cost, yet the concerned officer demands a hefty bribe for approving the tender. Getting the order matters for the company and your career; not getting it may close a production line. As a value-conscious person you do not want to pay. Valid arguments exist both for paying and for refusing. What are those arguments? Is there a better third way out of this dilemma? Outline its main elements and merits.