Patrick Bamford's 14th goal of the season in the 31st minute and an excellent long- range finish from Ben Reeves five minutes into the second-half sentenced Wanderers to a second successive defeat for the first time this season.
They have now taken just four points from their last four games and an angry Jackett said: "It was a disappointing day and I don't think we showed enough appetite and desire. We didn't match the motivation levels of MK Dons.
"Our start to each half wasn't right and our appetite just wasn't there, which it usually is.
"We have to use this as a lesson. We have just lost two games on the trot for the first time this season and we have to bounce back.
"We have to start by competing and play with hunger. We have to play with determination, we have to run to close down and make angles more than we did today.
"Our standards have been higher than that and I think that the standard the players are capable of are higher than that.
"We can, and have to, play better and play with more appetite.
"I can't say that we did enough to get something out of the game.
"I just felt as a team we lost appetite and that is why we lost. The opposition had more appetite than us."
Bamford, on-loan from Chelsea, was clinical in his finishing to open the scoring, collecting a pass from Samir Carruthers on the right-hand edge of the area before calmly rolling
an angled shot beyond goalkeeper Carl Ikeme.
Reeves then dashed Wolves' hopes of a comeback with a stunning 20-yard strike.
The Dons arrived at Molineux on the back of five successive away defeats and with only one win in their previous six league games after injury problems hit their squad.
But they looked anything but a team bereft of confidence and manager Karl Robinson labelled the display as "perfect."
He said: "To come here and win 2-0 it's one of the most perfect performances that you will see anywhere in the country.
"It had everything that I love about football. The passion, the desire, the quality, the ball rotation, the sharpness of the passing, the quality goals, the great defending, the great saves.
"We are very, very happy how we performed and we have to use this as a catalyst now for the rest of our games.
"The solidarity in the team looked like it was back today. It was good.
"They came here with the scrapping and determination but the quality added on top.
"They are back to a group of people who know what it takes to win football matches.
"I have a tremendous belief in my players and myself. That is the most important thing - to have belief in yourself first.
"The players having belief in themselves and having respect for each other are key components in going on and doing the right things."
The win was extra special for Dons owner Pete Winkelman, who grew up a Wolves fan, and Robinson added: "I think he is ecstatic to win here.
"It has made it special for him to come back to the team he supported as a boy."