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D 089 / D089 Objective Assessment (Latest Update 2025 / 2026) Principles of Economics | Questions and Answers | 100% Correct | Grade A - WGU
Question:
What actions can be taken to reduce the inefficiency caused by imperfect information?
Answer:
guarantees, warranties, and service contracts
Question:
demand schedule
Answer:
a table that shows the relationship between the price of a good and the quantity demanded
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Question:
Law of Demand
Answer:
An increase in price leads to a decrease in quantity demanded of a good or service and a decrease in price leads to an increase in quantity demanded of a good or service - all other variables held constant.
Question:
demand curve
Answer:
a graph of the relationship between the price of a good and the quantity demanded
Question:
change in quantity demanded
Answer:
movement along the demand curve showing that a different quantity is purchased in response to a change in price
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Question:
change in demand
Answer:
A shift of the demand curve (curve shifts either right or left). Never caused by a change in price!
Question:
factors that affect demand
Answer:
income, tastes and preferences, price of related goods (substitutes and complements),changes in the population/demographics, expectations about future prices
Question:
supply schedule
Answer:
a table that shows the relationship between the price of a good and the quantity supplied
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Question:
Law of Supply
Answer:
An increase in price leads to an increase in quantity supplied of a good or service and a decrease in price leads to a decrease in quantity supplied of a good or service - all other variables held constant.
Question:
supply curve
Answer:
a graph of the relationship between the price of a good and the quantity supplied
Question:
change in quantity supplied
Answer:
movement along the supply curve showing that a different quantity is supplied in response to a change in price
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