If the percentage change in quantity demanded is proportionately greater than the percentage change in price, the product is said to be;

The fast-food industry is generally considered to be a constant cost industry in regards to its use of labor as an input. Why? a. Few people prefer to work in the industry

b. Available labor is in short supply. c. Firms use a relatively small share of unskilled labor in most cities. d. The productivity of the workers is relatively low.

The "crowding out" effect states that government spending pushes up interest rates and reduces private investment spending

a. True b. False Indicate whether the statement is true or false