For a particular good, an 8 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most

For a particular good, an 8 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?

A.There are no close substitutes for this good.

B.The good is a necessity.

C.The market for the good is broadly defined.

D.The relevant time horizon is long.