Real (inflation-adjusted) tuition costs were nearly constant during the 1960s despite a huge increase in the number of college students as the very large Baby Boom generation came of age. What do these constant tuition costs suggest about the supply of higher education during that period? When the much smaller Baby Bust generation followed in the 1970s, real tuition costs fell. What does that fact suggest about demand relative to supply during the 1970s?
Real (inflation-adjusted) tuition costs were nearly constant during the 1960s despite a huge increase in the number of college students as the very large Baby Boom generation came of age. What do these constant tuition costs suggest about the supply of higher education during that period? When the much smaller Baby Bust generation followed in the 1970s, real tuition costs fell. What does that fact suggest about
Supply and demand is an economic model of price determination in a market in microeconomics. It asserts that all else being equal, the unit price for a specific good in a competitive market, the relationship between the quantity of a commodity that producers want to sell at different prices, and the quantity that consumers want to buy is referred to as supply and demand in economics. Demand is an economic principle that refers to a consumer's desire to purchase goods and services, as well as their willingness to pay a price for a particular good or service. Supply is a fundamental economic concept that describes the total amount of a specific good or service available to consumers.
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