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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 14: Production | Unit 4: Long-Run Production Page: 21 of 25

Topic: Constant Returns To Scale <=PAGE BACK | PAGE NEXT=>

  • Constant returns to scale:

  • Constant returns to scale result when a given proportional increase in all inputs results in a proportional increase in production.
  • The scale of production in which increasing returns to scale are balanced by decreasing returns to scale is termed the minimum efficient scale.

  • It is the production scale in which a firm is taking greatest advantage of increasing returns without overly suffering from decreasing returns.

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TECHNICAL EFFICIENCY

Obtaining the greatest possible production of goods and services from available resources. In other words, resources are not wasted in the production process. This is also considered as engineering efficiency and should be contrasted with economic or allocative efficiency.

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