GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The monopolist has his way
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The monopsonist has his way
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The monopolist acts as a competitor
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The monopolist sells his own product in a monopoly market
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Detailed explanation-1: -A bilateral monopoly exists when a market has only one supplier and one buyer. The one supplier will tend to act as a monopoly power and look to charge high prices to the one buyer. The lone buyer will look towards paying a price that is as low as possible.
Detailed explanation-2: -A bilateral monopoly is a market that is characterized by one firm or individual, a monopolist, on the supply side and one firm or individual, a monopsonist, on the demand side. The input markets of the monopolist and the output market of the monopsonist can be of any form.
Detailed explanation-3: -Meaning of bilateral monopoly in English a situation in which there is only one buyer and only one seller in a market: In a bilateral monopoly, the one supplier will look to charge a high price, and the lone buyer will want to pay the lowest possible price.
Detailed explanation-4: -A market structure where only one supplier and only one buyer exists is a bilateral monopoly. A bilateral monopoly is the combination of a monopoly (a single seller) and a monopsony (a single buyer) in a market.