A Bilateral Monopoly Is a Market Structure Characterized By

question 3

Multiple Choice

A bilateral monopoly is a market structure characterized by:

• A) one seller and one buyer.
• B) one seller and many buyers.
• C) one buyer and many sellers.
• D) two buyers and many sellers.

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Definitions:

Confirmation Bias

Confirmation bias describes the tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses, while giving disproportionately less consideration to alternative possibilities.

Availability Heuristic

This is a mental shortcut that relies on immediate examples that come to a person's mind when evaluating a specific topic, concept, method, or decision.

Representativeness Bias

A cognitive bias where individuals judge the probability of an event by how much it resembles their existing stereotypes or expectations, rather than based on actual statistical evidence.

Self-fulfilling Prophecy

A belief or expectation that an individual holds that comes true because he or she acts in ways that support or lead to its fulfilment.