The demand for Petronas's Oil motor oil can be characterized by the following point elasticities: price elasticity = -2.5, cross-price elasticity with Petron's motor oil = 1.5, and income elasticity = 0.75.

Indicate whether each of the following statements is True or False, and explain your answer.

Statement B. The cross-price elasticity indicates that a 2% increase in the price of Petron motor oil will cause a 3% increase in Petronas's Oil demand.