When Comparing the Market Price of an Input in a Market

question 60

Multiple Choice

When comparing the market price of an input in a market characterized by bilateral monopoly to a perfectly competitive price:

• A) the bilateral monopoly price is always higher than the competitive price.
• B) there is no difference; the bilateral monopoly price equals the competitive price.
• C) the bilateral monopoly price is always less than the competitive price.
• D) the bilateral monopoly price can be higher than, lower than, or equal to the competitive price.

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