Question on: JAMB Economics - 2018

The effect on the demand for product A caused by a change in the price of product B is called cross-elasticity of demand. Cross-elasticity of demand measures the responsiveness of the quantity demanded of one good to a change in the price of another good. * **Joint demand** refers to the demand for two or more goods that are used together (e.g., cars and gasoline). * **Elasticity of supply** measures the responsiveness of the quantity supplied of a good to a change in its price. * **Competitive demand** is a term that is sometimes used to refer to goods that are substitutes, but it is not a standard economic term.