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Define the following terms: Gerbert of Aurillac
Negative Savings
A situation where spending exceeds income, resulting in a deficit rather than savings.
Price Ceiling
A legally established maximum price that can be charged for a good or service, typically set by government.
Shortage
A situation where the demand for a product or service exceeds the available supply at a particular price.
Equilibrium Price
The market price at which the quantity demanded of a good equals the quantity supplied.
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