Your Questions About Bilateral Monopoly
Sandra asks…
In a Bilateral Monopoly, there is…?
In a Bilateral Monopoly, there is…?
a) a monopsonist facing a monopolist
b)intensive government regulation and ‘fair rate of return’ pricing
c) a monopolistically competitive firm facing an industrial union.
d) a craft union competing with an industrial union to organize workers
the basic premises of a monopoly would hold of prices being higher. However, services would improve in a duopoly of industries in the service sector (as compared to the services offered in a monopoly situation). Also quality of products would improve regarding the products offered by firms. However, prices would still remain higher than they would in a perfectly competitive environment.
admin answers:
A – see http://en.wikipedia.org/wiki/Bilateral_monopoly
Sandy asks…
Is the U.S. auto industry an example of a bilateral monopoly?
How about high school teachers, are they also an example of a bilateral monopoly, with the union being the monopoly, and the government being the monopsony?
admin answers:
As far as the auto industry, it could be argued.
Paul asks…
When is Govt. one prty to a Bilateral Monopoly in labor market?
admin answers:
When there are strong federation of associations of govt. Emplyees negoating wages and salaries and other benefits with the Govt.
Helen asks…
In a bilateral monopoly, there is:?
A. A craft union competing with an industrial union to organize workers
B. A monopolistically competetive firm facing an industrial union
C. Intensive government regulation and “fair rate of return” pricing
D. A monopsonist facing a monopolist
admin answers:
C
Daniel asks…
in a Bilateral Monopoly, there is…?
a) a monopsonist facing a monopolist
b)intensive government regulation and ‘fair rate of return’ pricing
c) a monopolistically competitive firm facing an industrial union.
d) a craft union competing with an industrial inion to organize workers
admin answers:
When you wrote bilateral monopoly did you mean a duopoly. If so the basic premises of a monopoly would hold of prices being higher. However, services would improve in a duopoly of industries in the service sector (as compared to the services offered in a monopoly situation). Also quality of products would improve regarding the products offered by firms. However, prices would still remain higher than they would in a perfectly competitive environment.
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