Suppose the demand for water bottles increases rapidly during 2024. At the same time, six more firms
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Suppose the demand for water bottles increases rapidly during 2024. At the same time, six more firms begin producing water bottles. A student remarks that, because of these events, we can’t know for certain whether the price of water bottles will rise or fall. Briefly explain whether you agree. Be sure to include a demand and supply graph of the market for water bottles to illustrate your answer.
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