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BILATERAL MONOPOLY: A market containing a single buyer and a single seller. Bilateral monopoly is the combination of a monopoly market on the selling side and a monopsony market on the buying side. Factor markets tend to offer the best examples of bilateral monopolies, and thus is the field of economic analysis where this term generally surfaces. A market dominated by a profit-maximizing monopoly tends to charge a higher price. A market dominated by a profit-maximizing monopsony tends to pay a lower price. When combined into a bilateral monopoly, the buyer and seller are forced to negotiate a price. Then resulting price could end up anywhere between the higher monopoly's price and the lower monopsony's price. Where the price ends ups depends on the relative negotiating power of each side.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 3 of 26

Topic: Expansionary Good Times <=PAGE BACK | PAGE NEXT=>

Expansionary good times are almost always good. But here is a bad side.
  • The good side: The economy is growing, more goods are produced, living standards rise, businesses are profitable, and scarcity problems are lessened.
  • The bad side: Inflation and inefficiency.
  • Inflation tends to worsen when the economy expands too rapidly. Inflation is usually a bigger problem for some than for others, including those on fixed incomes and with financial wealth.
  • Inefficiency is likely during an expansion. With the entire economy expanding, and everyone becoming better off, the incentive to be efficient is reduced.

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SCARCE RESOURCES

Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Scarce resources, also termed just resources, are often given the more descriptive term factors of production.

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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for strangers with large satchels of used undergarments.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"There is no point at which you can say, „Well, I'm successful now. I might as well take a nap.¾"

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