Assume that both the supply of bottled water and the demand for bottled water rise during the summer but that supply increases more rapidly than demand. What can you conclude bout the directions of the impacts on equilibrium price and equilibrium quantity?

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A: Introduction.

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Q: Hi,  What would happen to the equilibrium price and the equilibrium quantity if supply and demand…

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Q: supply and demand

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A: Normal goods are the goods whose demand increases when income of the people also increases.

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Q: Assume that both the supply of bottled water and the demand for bottled water rise during the summer…

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Q: Part f and i

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A: Answer to the question is as follows :

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