5. Read the article: https://www.vox.com/the-goods/2019/3/6/18252322/college-textbooks-cost-expensive-pearson-cengage-mcgraw-hill?utm_source=EX&utm_medium=Article&utm_campaign=MRUEmail&utm_content=college-textbooks-cost-expensive-pearson-cengage-mcgraw-hill&__s=2oc8halfeuhyhq4vi3c2

and answer the following questions:

A. Why have publishers been able to raise textbook prices faster than the rate of inflation?

B. Do you think student demand for textbooks is more or less elastic than it was in 1977? How do you think this impacts major publisher's market power? Explain your answer being sure to consider the factors that determine elasticity of demand.

C. Would you describe the textbook market as perfectly competitive or as an oligopoly? Why or why not? Be sure to discuss which characteristics you are considering in your answer.