Before 1991, the eight Ivy League colleges (Brown, Columbia, Cornell Dartmouth H

Question

Before 1991, the eight Ivy League colleges (Brown, Columbia, Cornell Dartmouth Harvard, Princeton the University of Pennsylvania, and Yale), along with MIT, shared information and agreed on rules for setting their prices of education (price equals tuition minus scholarship) Since 1991, these schools have set their prices in competition with each other. Moving from 1991 to today, everything else remaining the same, the Ivy League market for education 0 A. became less efficient O B. became more efficient O C. was equally efficient Producer surplus Consumer surplus Deadweight loss decreases increases

Explanation / Answer

Moving from 1991 to today, everything else remaining the same, the Ivy market for education became more efficient.

Producer Surplus Decreases.

Consumer surplus increases.

Deadweight loss Decreases.

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