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