What is the primary difference between income elasticity of demand and price elasticity of demand?

• A. Income elasticity measures the response of quantity supplied to changes in price, while price elasticity measures the response to changes in consumer income.
• B. Income elasticity measures the response of quantity demanded to changes in price, while price elasticity measures the response to changes in consumer income.
• C. Income elasticity measures the response of quantity demanded to changes in consumer income, while price elasticity measures the response to changes in price.
• D. Income elasticity measures the response of quantity supplied to changes in consumer income, while price elasticity measures the response to changes in price.

Answer: (C)