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Bilateral monopoly refers to the market situation of
- a)two sellers two buyers
- b)own seller and two buyers
- c)two sellers and one buyer
- d)one seller and one buyer
Correct answer is option 'D'. Can you explain this answer?
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Bilateral monopoly refers to the market situation ofa)two sellers two ...
Bilateral monopoly refers to a market situation where there is only one seller and one buyer. It is a special case of monopoly where both the seller and the buyer possess market power. In this scenario, both parties have the ability to influence the terms of the transaction and negotiate for their own benefit.
In a bilateral monopoly, the seller has a monopoly over the supply of a particular product or service. This means that there are no other sellers in the market offering the same product or service. As a result, the seller has the ability to set the price and quantity of the product or service.
On the other hand, the buyer also possesses market power as there are no other buyers in the market. The buyer can influence the terms of the transaction by negotiating for a lower price or better terms. The buyer's market power comes from the fact that the seller is dependent on the buyer's willingness to purchase the product or service.
In a bilateral monopoly, the seller has a monopoly over the supply of a particular product or service. This means that there are no other sellers in the market offering the same product or service. As a result, the seller has the ability to set the price and quantity of the product or service.
On the other hand, the buyer also possesses market power as there are no other buyers in the market. The buyer can influence the terms of the transaction by negotiating for a lower price or better terms. The buyer's market power comes from the fact that the seller is dependent on the buyer's willingness to purchase the product or service.
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Bilateral monopoly refers to the market situation ofa)two sellers two buyersb)own seller and two buyersc)two sellers and one buyerd)one seller and one buyerCorrect answer is option 'D'. Can you explain this answer?
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