Final answer:
The scenario suggests that as the price of Good Y increases, the demand for Good X also increases, indicating that Good X and Good Y are substitutes.
Step-by-step explanation:
The question provided is related to the concept of cross-price elasticity of demand in economics. It examines how the quantity demanded of Good X changes in response to a change in the price of Good Y. If an increase in the price of Good Y leads to an increase in the quantity demanded of Good X, this suggests that the two goods are substitutes. Conversely, if an increase in the price of Good Y would lead to a decrease in the quantity demanded of Good X, the goods would be considered complements. In this scenario, as the price of Good Y increases from $5 to $7 and the demand for Good X increases from 10,000 units to 12,000 units, it indicates that Good X and Good Y are likely substitutes.