A market that experiences both strikes and lockouts at different times is most likely characterized by
A)Monopoly.
B)Monopsony.
C)Bilateral monopoly.
D)Monopolistic competition.

Question

Quizplus · Accepted Answer

Bilateral monopoly occurs when there is only one buyer and one seller in a market. When this happens, both parties have some bargaining power and may engage in strategic behavior, such as strikes and lockouts, to try to improve their position in negotiations.

A Market That Experiences Both Strikes and Lockouts at Different