Question

a bilateral monopoly exists when there is a

a. single buyer and many sellers in the market

b. large number of buyers and sellers in the market

c. single seller and many buyers in the marjet

d. single buyer and a single seller in the market

if a single supplier of labor, such as a union, were supplying labor to a single monopsonistic employer, this is referred to as a(n)

a. trilateral monopoly

b. bilateral monopoly

c. total monopsony

d. collective monopoly

IN MICROECONOMIC

Answer 1

a) A bilateral monopoly or monopsony exists in market when there is a single buyer and single seller in the market. the answer is "D".

b) "B"

it is termed as a bilateral monopoly as there is only one buyer and only one seller.