Bilateral monopoly occurs where: a monopsonistic employer bargains with an inclusive union. a craft union bargains with a purely competitive employer. an industrial union bargains with a purely competitive employer. a monopsonistic employer bargains with an exclusive union.
a bilateral monopoly occurs where a monopolistic employer bargains with an inclusive union. Simply put, a bilateral monopoly is when a market structure has a monopoly, a single seller of an item, and a monopsony, a single buyer seeking said item.
