Final answer:
A college education has a low price (tuition) elasticity of demand. The demand for a college education is not very responsive to changes in price.
Step-by-step explanation:
A college education has a low price (tuition) elasticity of demand. This means that the demand for a college education is not very responsive to changes in price. The price elasticity of demand measures how sensitive the quantity demanded is to changes in price. If a good or service has a low price elasticity of demand, it means that consumers are not very responsive to changes in price. In the case of a college education, the demand is relatively inelastic because it is seen as a valuable investment in future earning potential and career opportunities. For many people, the benefits of a college education outweigh the costs, including the high tuition fees. The potential return on investment, in terms of higher earnings and better job prospects, makes the price relatively less important in their decision to pursue a college degree.