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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

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

The demand rises for admission to a university, but both the tuition and the number of openings in the entering class remain the same. Will this change affect the admission standards of the university? Explain your answer.

To determine

The change in demand.

Explanation

It is known that availability of seats in a college and the tuition fees are fixed in a University. An increase in the demand for admission would result in shortages as the number of vacancies is fixed. This would induce the University to adopt non-price rationing devices as the price is also fixed...

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