The United Kingdom of Great Britain and Northern Ireland (the UK) is the official name of the state. It consists of four countries which are England, Scotland, Wales and Northern Ireland. The capital is London. The UK is an island state. The two main islands are Great Britain and Ireland. The UK is separated from the continent by the English Channel and the Strait of Dover. Everyone who was born in Britain is British. Everyone in the UK speaks English but they all speak it differently.The flag of the United Kingdom is known as the Union Jack.
1. As the price of a good rises, the quantity required is reduced. 2. The situation in low-income countries has improved since 1965. 3. The task of maximum prices is to reduce the price for consumers, and the task of minimum prices is to raise the price for producers and suppliers. 4. An increase in supply leads to higher equilibrium quantity and decrease equilibrium price. 5. Once prices are reduced to the equilibrium price, there will not be excess stock. 6. If price of one goods falls, and the prices of other goods requested by the customer, remain the same, consumers will buy cheaper goods instead of expensive goods.
2. The situation in low-income countries has improved since 1965.
3. The task of maximum prices is to reduce the price for consumers, and the task of minimum prices is to raise the price for producers and suppliers.
4. An increase in supply leads to higher equilibrium quantity and decrease equilibrium price.
5. Once prices are reduced to the equilibrium price, there will not be excess stock.
6. If price of one goods falls, and the prices of other goods requested by the customer, remain the same, consumers will buy cheaper goods instead of expensive goods.