Social Sciences and History / Unit 14 SSH 1304 short lesson, about 20 seconds
Bilateral Monopoly's Indeterminate Wage
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The idea
A bilateral monopoly is a labor market with a union on the supply side and a monopsony on the demand side. Both hold monopoly power, so employment ends lower than under competition, but the wage could be higher or lower depending on who negotiates better.
In practice
The union pulls up; the monopsony pulls down.
Where people slip
Indeterminate is the answer.
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