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Definition of PIT
a (1): a hole, shaft, or cavity in the ground (2):mine(3): a scooped-out place used for burning something (as charcoal)
b: an area often sunken or depressed below the adjacent floor area: as (1): an enclosure in which animals are made to fight each other (2): a space at the front of a theater for the orchestra (3): an area in a securities or commodities exchange in which members trade (as stocks)