When there is only one buyer and one seller of product, it is called situation
(A) Public monopoly
(B) Bilateral monopoly
(C) Franchised monopoly
(D) Monopsony
Correct Answer : Bilateral monopoly
Question Asked : SSC CGL Tier-I (CBE) Exam 2017
Explanation : A bilateral monopoly is a market structure consisting of both a monopoly (a single seller) and a monopsony (a single buyer).An example of a bilateral monopoly would be when a labor union (a monopolist in the supply of labor) faces a single large employer in a factory town (a monopsonist).
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Tags : Microeconomics
