CROSS ELASTICITY OF DEMAND
Economic concept gauging the responsiveness in the quantity demand of a product related to a change in price of another product. It is positive when two goods are substitutes so the price increase in an item also climbs the demand for the other item. Conversely, it is negative when the products are complementary and a price hike in a product declines the demand for the other good. Also called cross price elasticity of demand.
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