Imagine a faculty decides upon a 70% rejection rate for applicants into the LEAD major (this is very high rate of rejection and means that most applicants will not get into LEAD, their "first choice" major). In this case, externalities are most likely to fall upon. Choose the correct answer: 

a. LEAD faculty who must deal with angry parents of rejected applicants 

b. rejected applicants who must now find "second choice" departments in which to major

c. other "second choice" departments that rejected students will join, even though they're not really excited about being in those second choice departments.

d. None of the above because externalities in this situation are unlikely to occur.

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