The difference between price elasticity of demand and income elasticity of demand is that

A) income elasticity of demand examines how an individual's income changes when prices change and the price elasticity of demand examines how quantity demand changes when price changes.
B) income elasticity refers to the movement along the demand curve while price elasticity refers to a horizontal shift of the demand curve.
C) income elasticity measures the responsiveness of income to changes in supply while price elasticity of demand measures the responsiveness of demand to a change in price.
D) income elasticity refers to a horizontal shift of the demand curve while price elasticity of demand refers to a movement along the demand curve.

D

Economics

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The product approach to measuring GDP values government production at

A) market prices. B) its cost of production. C) its estimated value to society. D) the total amount of taxes it collects.

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The extra production gained by employing one more worker is called the:

A. opportunity cost of labor. B. marginal product of labor. C. real wage of labor. D. price of labor.

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