Business, 04.04.2020 14:25 leezas1101

In a labor market characterized by bilateral monopoly, the wage rate will Multiple Choice be logically indeterminate. be established at the level desired by the union. be established at the level desired by the employer. always be established at the competitive level.

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Answer from: latdoz0952

be logically indeterminate

Explanation:

Bilateral Monopoly is a labour market, which has a single seller (monopsonist) & a single buyer (unified trade union) of a particular labour.

Labour market wage rate particular point is not determined in this market case. Only a range of wages between union preferred wage & monopsony preferred wage is established. Monopsony buyer (employer) wants lower most wage rates; equating - marginal factor cost on labour, with marginal revenue product with labour. Labour union wants higher wage rate, which maximises their net revenue. They do so by maximising economic rent above supply curve, denoting marginal cost of labour i.e necessarily minimum to induce them to work.

The particular wage rate between the range depends on collective bargaining between union & monopsonist. The party which has higher bargaining power, the wage will be established in favour of it. Implicatively, higher bargaining power of union would lead to their preferred higher wages & lower bargaining power of union would lead to their preferred lower wages.

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In a labor market characterized by bilateral monopoly, the wage rate will Multiple Choice be logical...

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