This study aims to show that the low bid price survey standard has lower limit price characteristics and analyses the behavior of firms in the public procurement market where the lower price limit is set. This study uses regression analysis to investigate the effects of exogenously determined low-price survey standards and predetermined prices on the winning bid ratio, the number of participants, the participants’ bid ratio, the difference between the second-place price and the winning bid, the second bid, and the single bidder’s bid. The results show that the winning bid ratio increased with a rise in the low-price survey standard, thereby indicating that the low-price survey standard has the characteristics of a lower limit price. The results also suggest that the low-price survey standard causes oversupply, which encourages firms to carefully set prices higher than the lower price limit, and intensify competition at levels higher than the lower limit price.