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The percentage change in quantity demanded relative to a percentage change in price is known as ______.

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Answer:

Price elasticity

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Price elasticity of demand.

The price elasticity of demand refers to the degree of responsiveness of quantity demand to changes in price. Price change can impact the demand and in turn affect the supply of certain goods.

This also measures how price react to changes in consumer demand for certain products. For instance, a change in the price of luxury item such as car, can cause a change in the quantity demanded of such luxury items.

Hence, Price elasticity of demand is the percentage change in quantity demanded relative to a percentage change in price.

Learn more at : https://brainly.com/question/8729849

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