[Related to the Chapter Opener on page 72] Suppose the demand for premium bottled water increases rapidly during 2018. At the same time, six more firms begin producing premium bottled water. A student...

[Related to the Chapter Opener on page 72] Suppose

the demand for premium bottled water increases rapidly during 2018. At the same time, six more firms begin

producing premium bottled water. A student remarks

that, because of these events, we can’t know for certain

whether the price of premium bottled water will rise or

fall. Briefly explain whether you agree. Be sure to include

a demand and supply graph of the market for premium

bottled water to illustrate your answer.