Question

however if the subsitutes for crude oil were not cost effective could crude oil become a giffen good?​

Answer 1

Explanation:

A Giffen good is a low income, non-luxury product that defies standard economic and consumer demand theory. Demand for Giffen goods rises when the price rises and falls when the price falls. In econometrics, this results in an upward-sloping demand curve, contrary to the fundamental laws of demand which create a downward sloping demand curve.