In 2004, the University of California education system drastically cut enrollment due to significant state budget cuts

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In 2004, the University of California education system drastically cut enrollment due to significant state budget cuts and asked 7,600 applicants to defer enrollment for two years after completing two years at a community college.

Tuition costs remained fixed by the state.

a. Demonstrate the situation described with supply and demand curves, carefully labeling any excess supply or demand for college admissions.

b. What is the market solution to the excess demand for college?

c. What is a possible reason the market solution was not pursued?

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Microeconomics

ISBN: 9781260507140

11th Edition

Authors: David Colander

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Question Posted: Mar 12, 2024 05:18 AM

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In 2004, the University of California education system drastically cut enrollment due to significant state budget cuts

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a Demonstrating the Situation with Supply and Demand Curves In this scenario lets consider the market for college admissions The quantity of college a...View the full answer

Microeconomics

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