This article argues quite strongly that it can, but in the context that many commentators have argued exactly the opposite.
The suggestion is that to contain a narrative an image must have some temporally separate elements that are generally read in a given order. If they are read in the wrong order they will provide the wrong (or no) connection between the events depicted and so break the narrative.
The author provides some examples of single images with narratives - including a couple of photos by Wall and Sherman. It seems implicit however that while single images have the capability it us relatively rarely achieved - which sets an interesting context for assignment 2