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LSDefine

Simple English definitions for legal terms

bilateral monopoly

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A quick definition of bilateral monopoly:

Bilateral monopoly is when there is only one buyer and one seller in a market. This can cause delays in making deals because both parties can hold out for a better deal without worrying about competition from other buyers or sellers. It's like a game of tug-of-war where both sides are evenly matched. This type of monopoly is hypothetical and not very common in real life.

A more thorough explanation:

Bilateral monopoly is a hypothetical market condition where there is only one buyer and one seller. This results in transactional delays because either party can hold out for a better deal without fearing that the other party will turn to a third party.

For example, if there is only one company that produces a certain product and only one company that buys it, then they are in a bilateral monopoly. The buyer can hold out for a lower price, and the seller can hold out for a higher price, causing delays in the transaction.

Another example of bilateral monopoly is in labor markets where there is only one employer and one union representing the workers. The employer can hold out for lower wages, and the union can hold out for higher wages, causing delays in reaching an agreement.

In both examples, the lack of competition leads to delays and inefficiencies in the market.

bilateral mistake | bilboes

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pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
13:18
i’m in the same boat mastermonkey but with lower stats. i hope i hear back by mid march
CheeseIsMyLoveLanguage
13:24
@mastermonkey45: Looking at some of the recent decisions in relation to when they went complete, I'd say it's a good sign. It seems many declines were sent within about 5-6 weeks of completion. Given those were applications that were SENT in January, I'd say that means you're still solidly in the running. :)
14:30
Sent an app to OSU in early december and have STILL not heard back
Give it 4 more weeks at least. Everyone in this chat needs to wait longer.
TrumpSucks
19:58
@steelrift99: Same for me at Arizona
TrumpSucks
20:00
It is frustrating when people are admitted who applied after you. But that’s just part of the game I guess
was friday a umich R wave?
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