WGU D089 PRINCIPLES OF ECONOMICS COMPREHENSIVE EXAM TEST 2026 FULL QUESTIONS AND ANSWERS

WGU D089 PRINCIPLES OF ECONOMICS
COMPREHENSIVE EXAM TEST 2026 FULL
QUESTIONS AND ANSWERS

⩥ Elasticity of Demand. Answer: ed= % of change in Quantity / % of
change in Price


⩥ Elasticity of Supply. Answer: es= % of change in Quanity / % of
change in Price


⩥ Elastic. Answer: ed or es > 1


⩥ Unit Elastic. Answer: ed or es = 1


⩥ Inelastic. Answer: ed or es <1


⩥ Total Revenue. Answer: = Price x Quantity


⩥ Accounting Profit. Answer: = Total Revenue - Explicit Costs


⩥ Economic Revenue. Answer: = Total Revenue - Explicit Costs -
Implicit Costs

, ⩥ Total Cost. Answer: = Total Variable Costs + Total Fixed Costs


⩥ Average Fixed Cost. Answer: = Total Fixed Cost / Quantity


⩥ Average Variable Cost. Answer: = Total Variable Cost / Quantity


⩥ Average Total Cost. Answer: = Total Cost / Quantity = (Fixed Cost /
Quantity) + (Variable Cost / Quantity)


⩥ Marginal cost. Answer: = Change in Total Cost / Change in Quantity


⩥ Profit. Answer: = (Price-Average Cost) x Quantity


⩥ Profit Maximization. Answer: Marginal Revenue = Marginal Cost.


⩥ Produce More Quantity. Answer: Profit > Marginal Revenue =
Marginal Cost


⩥ Perfectly Competitive Market. Answer: Profit = Marginal Revenue =
Marginal Cost