WGU; D089; Objective; Assessment; (Latest; 2025/; 2026; Update); Principles; of; Economics; Review|; Q/A; |; Grade; A|; 100%; Correct; (Verified; Answers)
Q:; A; group; of; roommates; decides; to; buy; pizza; together.; The; table; below; shows; the;
quantity; of; pizza; demanded; at; different; price; levels:
Demand; for; pizza; after; a; drop; in; Price Price; of; Pizza; Quantity; demanded
$0.50; 20
$0.75; 15
$1.00; 10
$1.25; 5
$1.50; 0
The; prize; pizza; was; originally; $1.25; per; slice,; but; it; is; now; on; sale; for; $0.75; per; slice.How; will; the; price; change; affect; the; quantity; of; pizza; slices; demanded?
Answer:
The; quantity; demanded; of; pizza; slices; will; increase; by; 10; slices
Q:; What; description; accurately; characterizes; demand?
Answer:
Changes; in; income; will; shift; demand; curve,; and; changes; in; the; market; price; of; good; will; result; in; movement; along; the; curve
Q:; Which; statement; is; true; about; the; law; of; demand,; all; else; being; equal? 1 / 3
Answer:
A; fall; in; price; will; likely; increase; the; quantity; demanded
Q:; What; is; the; name; of; a; table; depicting; the; relationship; between; the; prices; of; a; product; and; the; quantities; that; consumers; are; willing; to; buy; at; those; prices?
Answer:
Demand; schedule
Q:; Which; outcome; is; expected; regarding; the; hot; cocoa; industry; when; the; cost; of; coca; from; South; American; increases; in; price,; making; it; more; expensive; to; U.S.; businesses?
Answer:
Consumers; will; decrease; hot; cocoa; purchases; both; to; make; at; home; or; while; out
Q:; When; a; resident; heard; an; expected; tornado,; the; individual; rant; to; the; store; to; stock; up; on; survival; items; including; bread,; peanut; butter,; batteries,; and; water.Which; statement; is; likely; to; occur; on; the; demand; graph; in; response; to; this; situation?
Answer:
A; shift; to; the; right; due; to; an; increase; in; demand; in; expectation; of; a; shortage.
Q:; Why; do; markets; with; excess; demand; move; toward; equilibrium?
- / 3
Answer:
Consumers; are; willing; to; pay; higher; prices,; and; firms; will; seek; higher; profits
Q:; Which; statement; describes; how; higher; input; costs; affect; equilibrium; in; the; market; for; a; good?
Answer:
They; reduce; supply,; causing; prices; to; rise
Q:; The; market; price; of; a; product; increases; by; 7%,; the; absolute; value; of; price; elasticity; of; demand; for; this; product; is; 3.8 What; is; the; percent; of; change; in; quantity; demanded?
Answer:
26.6%; decrease
Q:; The; average; price; of; eggs; increases; from; $1.10; to; $1.30,; in; response; the; quantity; supplied; increase; from; 220; to; 260; eggs,; the; elasticity; of; supply; is; equal; to; 1.Which; term; describes; the; price; elasticity; of; this; supply?
Answer:
Unit; Elastic
Q:; Why; does; a; price; ceiling; cause; a; market; failure?
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