The equilibrium wage rate in a bilateral monopoly labor market is

Question

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In a bilateral monopoly labor market, both the employer and the employee possess some degree of monopoly power. The employer has monopsony power as the sole buyer of labor, while the employee has a degree of monopoly power as the only supplier of their labor to the employer. Therefore, the equilibrium wage rate is determined through negotiations between the employer and employee and is therefore logically indeterminate within a certain range. It is not solely determined by the employer or monopoly supplier of labor, nor is it largely set by government regulators.

The Equilibrium Wage Rate in a Bilateral Monopoly Labor Market