The term "bilateral monopoly" refers to market situations in which

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Bilateral monopoly occurs when there is a single seller (monopoly) in the market and a single buyer (monopsony). This creates a unique bargaining position for both parties, as each is the only option for the other party to transact with. This can lead to inefficiencies in the market, as the parties may fail to reach an agreement and mutually beneficial transactions may not occur.

The Term "Bilateral Monopoly" Refers to Market Situations in Which