Which of the following is true of price elasticity?

The lower the number of substitute products, the higher the price elasticity of demand for a given product.

Rises in income can lead to drops in price elasticity even though product prices are constant.

Products for which demand is highly inelastic are susceptible to minor changes in price.

Generally, if demand for a product is inelastic, lowering the price will appreciably increase demand.

Consumers are generally more sensitive to price decreases than to price increases.