An article in The Wall Street Journal noted that an "increase in the price of crude oil quickly reduces demand for oil". Do you agree with this statement?
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This increase in price can make it more expensive for consumers to purchase these products, leading to a decrease in demand. Show more…
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Suppose due to the some external factors supply of the crude oil decreases globally and accordingly its price begins to rise. Consumers feared future oil shortages and rushed to fill up their oil tanks. In this particular case, we see that if the price of crude oil increases, consumers buy more, not less. Do you think that, this is an exception to law of demand? Explain briefly
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