WGU; D089; Final; Exam; (Latest; 2025/; 2026; Update); Principles; of; Economics; Review|; Q/A; |; Grade; A|; 100%; Correct; (Verified; Answers)
Q:; demand; elasticity
Answer:
how; responsive; the; quantity; demanded; is; to; a; change; in; price; in; percentage; of; terms
Q:; quantity; demanded; (Qd)
Answer:
total; number; of; units; purchased; of; a; specific; price
Q:; demand; schedule
Answer:
chart; that; shows; the; number; of; goods/services; demanded; at; specific; prices
Q:; law; of; demand
Answer:
common; relationship; that; a; higher; price; leads; to; a; lower; quantity; demanded; of; a; certain; good/service; and; a; lower; price; leads; to; a; higher; quantity; demanded; while; all; other; variables; are; held; constant
Q:; quantity; supplied; (Qs)
- / 3
Answer:
quantity; of; a; commodity; that; producers; are; willing; to; sell; at; a; particular; price; at; a; particular; time
Q:; factor; that; shift; supply
Answer:
-technology; -expectations; -number; of; suppliers; -government; policies/regulations -input; costs
Q:; factors; that; shift; demand
Answer:
-changing; tastes/preferences; -changes; in; composition; of; population -income
Q:; elasticity
Answer:
measures; responsiveness; of; one; variable; to; changes; in; another; variable
Q:; elastic; demand/supply
Answer:
elasticity; is; greater; than; one
Q:; unitary; elasticities
Answer: 2 / 3
indicate; proportional; responsiveness; of; the; quantity; demanded; or; supply; to; a; change; in; price
Q:; price; elasticity; of; demand; (e^d)
Answer:
%; change; in; quantity; demanded; /; %; change; in; price
Q:; factors; that; impact; elasticity
Answer:
-number; of; producers; -availability; of; resources; -technology; -flexibility; -time
Q:; elasticity; of; supply; (e^s)
Answer:
%; of; change; in; quantity; supplied; /; %; change; in; price
Q:; total; revenue
Answer:
price; x; quantity
Q:; allocative; efficiency
Answer:
producing; goods; and; services; demanded; by; consumers; at; a; price; that; reflects; the; marginal; cost
- / 3