GENERAL KNOWLEDGE

Detailed explanation-1: -A bilateral monopoly is a situation in which there is a single buyer and a single seller. Hence, the term bilateral monopoly refers to such a market situation in which a single seller confronts a single buyer.

Detailed explanation-2: -What Is a Bilateral Monopoly? 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-3: -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: -Monopoly is a firm where there is only a single seller who sells unique product, which has no close substitute, and has a full control over the firm. Hence, a market structure in which there is a single seller is called monopoly. Was this answer helpful?

Detailed explanation-5: -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.