Which of the following statements is true about the price elasticity of demand?

A) As the number of substitutes for a product increases, the price elasticity of demand for that good decreases.
B) If the budget share of a particular good in a consumer's bundle increases, the price elasticity of demand for that good is likely to decrease.
C) The price elasticity of demand for a good is generally higher in the long run than in the short run.
D) The demand for a good with a price elasticity of demand of zero is highly responsive to price changes.

C