The cross-price elasticity of demand between good X and good Y is -3. Given this information, which of the following statements is true?

A) The demand for goods X and Y is elastic.
B) Goods X and Y are substitutes.
C) Goods X and Y are complements.
D) The demand for goods X and Y is income elastic.

Cross-price Elasticity

A measure of how the demand for one good responds to a change in the price of another good, indicating their substitutability or complementarity.

Complements

Goods or services that are used together, where an increase in demand for one leads to an increase in demand for the other.