(Consider This) The supply of higher education in the United States is
A) highly price elastic.
B) highly price inelastic.
C) unitary elastic with respect to price.
D) perfectly price elastic.

Question

Quizplus · Accepted Answer

The supply of higher education in the United States is highly price inelastic. This is because it takes a significant amount of time and resources to establish and expand educational institutions, thus preventing them from quickly increasing their supply in response to changes in price. Additionally, the cost of providing higher education (e.g. salaries for faculty, equipment, facilities) tends to rise over time, further contributing to the inelasticity of supply.

(Consider This) the Supply of Higher Education in the United