Question

Change in price of X if affect the demand of good Y it is known as​

Answer 1

Answer:

Negative cross-elasticity of demand.

Explanation:

When product X increases in price, demand for product Y falls. This is because fewer people buy product X due to the higher price. As a result, fewer people are also buying product Y, which only adds value to product X. In economic jargon, this is known as ’negative cross-elasticity of demand’.