(Consider This) Which of the following best explains the significant increases in the equilibrium prices for higher education in the United States since the 1980s?
A)The demand for higher education is highly price inelastic, and the supply has decreased substantially.
B)The demand for higher education is highly price elastic, and the supply has decreased substantially.
C)The supply of higher education is highly price inelastic, and demand has increased substantially.
D)The supply of higher education is highly price elastic, and demand has increased substantially.

Question

Quizplus · Accepted Answer

The supply of higher education is relatively inelastic due to the high costs and time required to expand facilities and hire faculty, while demand has increased substantially due to factors like the perceived value of a degree and population growth.

(Consider This) Which of the Following Best Explains the Significant