Use the figure below to answer the following questions.
Table 3.5.2
Demand and Supply Schedules for Cups of Coffee each day at CoolU
-Refer to Table 3.5.2.If the price is set at $0.80 per cup,there is a ________ leading to a price ________.
Definitions:
Public Good
A good that is non-excludable and non-rivalrous, meaning it can be used by many people without depleting its availability to others.
Private Goods
Goods that are both excludable and rival in consumption, meaning only paying customers can use them and one person's use diminishes others' ability to use them.
Public Goods
Goods that are non-excludable and non-rivalrous, meaning they are available to all without depletion from use by others.
Rivalry
Competition between businesses or individuals for market share, resources, or achievements.
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