Price demand elasticity: refers to the degree of response or sensitivity of demand to price changes, and its size is expressed by the coefficient Ep = absolute value of change in demand (%) ÷ price change (%). Based on the above definition, which of the following statements is true? ['When the price elasticity of demand Ep> 1, it means that a change in price will cause a large change in demand.', 'When Ep = 1, it shows that the impact of price changes on changes in demand is small, so it can be sold at as high prices as possible.', 'The size of C. Ep actually reflects the sensitivity of demand to cost changes.', 'According to the law of supply and demand, there can be no products with Ep <1.']