Bilateral Monopoly

Discipline: Economics

Bilateral monopoly is a kind of a monopoly market in which there is a single seller and a single buyer.

The single buyer and the seller bargain to determine the wage rate and the price of the good or service.

Public education sector is an example of a bilateral monopoly market, where a government official negotiates with the representative of the teachers' union .

Labor economists study the characteristics of the bilateral monopoly market.

Also see: duopoly theory, monopolistic competition, monopoly

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