51. Which statement is correct? A) The operation of a market system eventually results in an equal distribution of income. B) Producers are "kings" in a market economy because they determine what is produced. C) The market system is efficient at allocation of resources, but not consumer goods to their most valued uses. D) Freedom of choice and enterprise are essential elements of the market system. E) Both B and Care correct. 52. All of the following could immediately or eventually lead to an inward shift of a nation's production possibilities curve, except: A) immigration of skilled workers from the nation. B) a decline in the birth rate. C) an increase in the average skill level of all occupational groups. D) depletion and reduced availability of major energy resources. E) None of the above. 53. E) How is the economic perspective reflected in lines for fast food? A) Customers select the shortest line because they have perfect information. B) Customers select the shortest line because they believe it will reduce their time cost of obtaining food. C) Lines will typically be of unequal length because of the inefficiencies in counter service. D) The set of food choices is often too complex for most customers and thus creates long lines. Both C and D are correct. 54. Which is inconsistent with an elastic demand curve? A) The elasticity coefficient is less than one. B) Total revenues fall when prices rise. C) Buyers are relatively sensitive to price changes. D) The relative change in quantity exceeds the relative change in price. E) Both C and D are correct. 55. Which of the following statements is correct? A) Supply is more elastic in the short run than in the long run. 3) Demand is more elastic in the short run than in the long run. Demand is more elastic when a large number of substitute goods are available Supply is more elastic when there are a small number of producers in the indu Both A and D are correct. 15