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At the time of its introduction, which of the following products was the best example of a continuous innovation?
Supply Equation
An algebraic equation that represents the relationship between the quantity supplied of a good and its price, holding other factors constant.
Price Floor
A government or regulatory imposed minimum price above which a particular good or service cannot be traded.
Shortage/Surplus
A market condition where the quantity of a good supplied is less/more than the quantity demanded at the market price.
Price Ceiling
A price ceiling is a government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers from prices that are deemed too high.
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