North Carolina State University Recently Raised Its Tuition by 12

Multiple Choice

North Carolina State University recently raised its tuition by 12%. A survey was then conducted to determine how many students would transfer to another university as a result. It was found that only about 1 in 300 responses indicated they would transfer. Based on this information, the price elasticity of demand for education at this university is:

A) 1.
B) highly elastic.
C) highly inelastic.
D) 0.