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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 20: Oligopoly | Unit 4: Analysis Page: 20 of 24

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In this unit, you should have learned about:
  • How the kinked-demand curve, derived for an oligopoly operating in an interdependent market, has a more elastic segment for price increases, and a less elastic segment for price decreases.
  • The kinked-demand curve analysis, which illustrates how oligopoly prices tend to be relatively rigid because competing firms DON'T match higher prices but DO match lower prices.
  • How colluding firms maximizing industry profit by equating industry marginal revenue to industry marginal cost.
  • How the output of colluding firm is divided based on the marginal cost of production by each firm.
  • Using game theory to illustrate the interdependent decision making among oligopoly firms, such as the decision to advertise.


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MARGINAL REVENUE PRODUCT

The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.

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