Get Bilateral Monopoly Homework Help and Have Complete Mastery over the Topic
If you have chosen Economics as one of your academic disciplines, then you will definitely get to study the topic of Bilateral Monopoly. It is a highly interesting topic, but at the same time, there are lots of intricate aspects covered in it. If you are facing any sort of confusion in this concept, then you must avail bilateral monopoly homework help on time.
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Get an idea of bilateral monopoly
When there is a single seller and just a single buyer in the market then such a scenario is termed as bilateral monopoly. So it is a situation that covers both the aspects i.e. monopsony as well as monopoly. The sole supplier will be having a complete monopoly power and will aim to charge as much prices as possible from the buyer. On the other hand, the sole buyer will have a monopsony power and will wish to pay the lowest possible prices.
- Example of bilateral monopoly can be labor union and a single employing company. Here the labor union has a monopoly power in supply of labor and the employer is having a monopsony power is employing the labor.
- Another example can be like there is a single company that produced the entire iron in a nation, and there is another company that is the sole buyer for it. Then it would be a situation of bilateral monopoly.
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Some useful information on this topic
The situation of bilateral monopoly is generally studied with the help of Nash bargaining game theory. The important forces such as the bargaining power of the seller as well as buyer will help in determining the exact level of price as well as output.
In bilateral monopoly, the goals of both the parties are contradictory to each other, so they have to negotiate such that the final price is settled in such a manner that both sides are able to attain the maximum level of profits. Such a model is often analyzed in those situations when the switching costs associated on both the sides are in a prohibitively high range.
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