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

question 84

Multiple Choice

(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.

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Definitions:

Void Contract

An agreement that is null and lacks legal effect or enforceability from its inception.

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An agreement between two or more parties that is enforceable by law.

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Contracts under which both parties have unfulfilled obligations that need to be met in the future.

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Agreements involving two parties where each commits to fulfilling an obligation to the other, such as in sales or service contracts.