(i) What can say about the degree of market power on the buyer and seller side respectively if the demand curve is downward sloping but the supply curve is horizontal? (ii) What do you expect to see in terms of price convergence to equilibrium in this case? (iii) What can say about the degree of market power on the buyer and seller side respectively if the demand curve is horizontal but the supply curve is upward sloping? What do you expect to see in terms of price convergence to equilibrium in this case?

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The Answer of (i) What can say about the degree of market power on the buyer and seller side respectively if the demand curve is downward sloping but the supply curve is horizontal? (ii) What do you expect to see in terms of price convergence to equilibrium in this case? (iii) What can say about the degree of market power on the buyer and seller side respectively if the demand curve is horizontal but the supply curve is upward sloping? What do you expect to see in terms of price convergence to equilibrium in this case?

(I) What Can Say About the Degree of Market Power