Answer:
C. the percentage change in quantity demanded divided by the percentage change in price
Explanation:
The term price elasticity of demand describes the responsiveness of goods and services to changes in price. A product or service has an elastic demand if a small change in its price causes a considerable change in its quantity demanded. Inelastic demand is when a price change has no big impact on quantity demanded.
Price elasticity of demand is expressed as the percentage change in quantity divided the percentage change in price. Depending on the results obtained through the division, priced electricity of demand can be categorized as perfectly elastic, unitary, elastic, inelastic, or perfectly inelastic.
