An analysis of IBM's pricing decisions would be classified as a macroeconomic study

In 2006, a Social Security (FICA) tax of 7.65% of payroll earnings was paid by both the employee and the employer

Indicate whether the statement is true or false

Other things constant, the price elasticity of demand for a product will be smaller (more inelastic) if:

A. people spend a large share of their income on the product. B. people spend an insignificant share of their income on the product. C. the population in the market area is large. D. there are many good substitutes for the product.