Between 2001 and 2015, Equilibrium College Tuition Rose from $15,000

question 92

Multiple Choice

Between 2001 and 2015, equilibrium college tuition rose from $15,000 to $27,000 and equilibrium enrollment increased from 16 million to 21 million students. These changes could be the result of

• A) an increase in demand.
• B) an increase in supply.
• C) a decrease in demand.
• D) a decrease in supply.

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Definitions:

Collectivist Cultures

Societies that prioritize the group over the individual, emphasizing community, cooperation, and shared values.

Individualistic Cultures

Cultures that emphasize the importance of individual goals, autonomy, and personal achievements over collective ones.

Cultural Differences

The variations in practices, norms, and values among people from different societies or social groups.

Internally Oriented

Focused on one's own thoughts, feelings, and inner experiences rather than external events.