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LSDefine

Simple English definitions for legal terms

bilateral monopoly

Read a random definition: Rome Convention

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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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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