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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Administrators and faculty at state colleges and universities often say that their standards of admission are independent of whether there is a shortage or surplus of openings at the university. Do you think that this statement is true? Do you think that faculty and administrators ignore surpluses and shortages of openings when setting admission standards? Explain your answer.

To determine

The setting of admission standards.

Explanation

No, the given statement is not likely to be true. It is known that the seats in a University are limited and the people who demand it are large. Price cannot be used as a rationing device and hence the tuition fee is fixed...

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