Final answer:
The wage in a bilateral monopoly could potentially settle between the monopoly price and the competitive price, which are found by analyzing the intersection points of marginal revenue and marginal cost in monopoly and competitive market structures respectively.
Step-by-step explanation:
The wage in a bilateral monopoly could potentially settle between monopoly price and competitive price. In this context, when analyzing profit-maximizing monopoly firms that don't face competition due to barriers to entry, they determine output and price by finding the point where marginal revenue (MR) equals marginal cost (MC) and then consult the market demand curve to see what price to charge for this quantity. For example, consider a firm maximizing profits by producing at the quantity where MR equals MC, and by determining the price to charge by looking to the market demand curve, which reflects the monopoly price. On the other hand, the price found in a perfectly competitive market would be where the price equals MR and MC, which could be seen as the competitive price.