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What important contribution did Heraclides of Pontus make to the field of astronomy in the fourth century b.c.e.?
Shortage
A market condition where demand exceeds supply.
Surplus
A situation where the quantity of a good or service supplied exceeds the quantity demanded, often resulting in excess stock and potential price reductions.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service, intending to protect consumers from excessive prices.
Price Floor
A price floor is a government- or authority-imposed minimum price set above the equilibrium price, preventing the market price from falling below it.
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