In a bilateral monopoly, the unionists are always trying to increase their income, and the monopsonists are always trying to increase their profits, as a result, it is not possible to accurately predict the exact wages that such a model will agree upon. Therefore, it is impossible to be sure of the exact wage rate. However, in the long run, such a model can be more beneficial to the overall economy? Explain why a bilateral monopoly is beneficial to the society from an economist’s viewpoint.
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