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- large numbers, law of
- Le Chatelier principle
- learning-by-doing
- least cost location theory
- Leontief paradox
- life-cycle hypothesis
- Lindahl equilibrium
- linear programming
- loanable funds theory of the rate of interest
- long wages
- lump-of-labor theory of wages
- Lyapunov's theorem
- machinery question
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- NAIRU
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- natural rate of unemployment
- negative income tax
- neo-classical growth theory
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- new class
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- non-accelerating inflation rate of unemployment
- non-competing groups
- non-nested hypothesis
- non-profit organization
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- Okun's law
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- own rate of interest
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- variable proportions, law of
- vent for surplus
- Verdoorn's law
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- Walras's stability
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- Wicksell's theory of capital
- x-efficiency
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bilateral monopoly
Bilateral monopoly is a kind of a monopoly market in which there is a single seller and a single buyer.
The single buyer and the seller bargain to determine the wage rate and the price of the good or service.
Public education sector is an example of a bilateral monopoly market, where a government official negotiates with the representative of the teachers' union .
Labor economists study the characteristics of the bilateral monopoly market.
Also see: duopoly theory, monopolistic competition, monopoly
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