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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Harvard, Yale, and Princeton all charge relatively high tuition. Still, each uses ACT and SAT scores as admission criteria. Are charging a relatively high tuition and using standardized test scores as admission criteria inconsistent? Explain your answer.

To determine

The consistency of admission criteria.

Explanation

No, the admission criterion is still consistent. Though there is a high tuition, the number of students who wish to attend the classes is greater than the number of seats. One method of distributing the seats could be through increasing the money price of the seats until the demand is met with the limited supply of seats. However, the schools also intend to maximize the quality of the students...

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