Bilateral monopoly situation is (1) when there are only two sellers of a product (2) when there are only two buyers of a product (3) when there is only one buyer and one seller of a product (4) when there are two buyers and two sellers of a product
(3) when there is only one buyer and one seller of a product Explanation: Bilateral monopoly is a market consisting of a single seller (monopolist) and a single buyer (monopsonist).For example, if a single firm produced all the copper in a country and if only one firm used this metal, the copper market would be a bilateral monopoly market. The equilibrium in such a market cannot be determined by the traditional tools of demand and supply.