A bilateral negotiation is a bargaining mechanism in which ________.
A) a third party or an authority intervenes and decides the prices of the products traded in a market
B) a single seller and a single buyer confront one another with bids and asks
C) multiple buyers bargain with a single seller to determine the trading price
D) multiple sellers bargain with a single buyer to determine the trading price

Question

Quizplus · Accepted Answer

In a bilateral negotiation, there are only two parties involved - a single seller and a single buyer. They negotiate with each other to determine the trading price of the product or service being traded. This is different from options A, C and D, where multiple parties are involved in the bargaining process.

A Bilateral Negotiation Is a Bargaining Mechanism in Which ________