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Question: Facing stiff competition, Hendrix College, a small liberal arts institution in Conway, Ark., decided two years ago to bolster its academic offerings, promising students at least three hands-on experiences outside the classroom, including research, internships and service projects. Although it raised tuition and fees by 29 percent, enrollment in the freshman class rose by 37 percent.

Source: Jonathan D. Glater and Alan Finder, "In New Twist on Tuition Game, Popularity Rises With the Price", New York Times, December 12, 2006.

Based on the information above, the demand for Hendrix College education is

A. perfectly price elastic.

B. unit price elastic.

C. more information is needed.

D. relatively price inelastic.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92585105

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