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How did Diocletian and Constantine alter the Roman Empire? What were the long-term consequences?
Price Floor
A government- or group-imposed limit on how low a price can be charged for a product, intended to prevent prices from dropping too low.
Shortage/Surplus
A market condition: shortage occurs when demand exceeds supply, and surplus happens when supply exceeds demand.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or resource.
Market Equilibrium
Market equilibrium is a condition where the quantity of a product supplied is equal to the quantity demanded, leading to a stable market price for the product.
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