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9. Relate law of demand in oil industries and how it can be used to explain...

9. Relate law of demand in oil industries and how it can be used to explain the pricing of a product

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Answer #1

Law of demand states that as the price of the product falls the demand of that particular product rises and vice versa

If we apply this law in oil industries , this law is very much applicable in oil industries because as the price of oil falls demand of oil rises this is because there is more and more focusnof people on efficiency matters less materiality due to low cost of energy.

This law can be used in pricing of oil as the cost and expectations of future creates a great impact of price of oil. This can be explained with an example

If the oil industries expects there will fall in the price of crude oil then the price of oil will definitely fall due to which demand will be high

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