Four companies dominate the higher education textbook market: Pearson, McGrawHill Education, Cengage, and Wiley. College textbooks can be an expensive addition to the cost of higher education. College textbook prices have increased at a rate of three times inflation since 1977. The current average cost of a college textbook is $175. In recent years, the introduction of online textbooks and opensource materials have disrupted this market and changed some of its characteristics. Resources percent-1978-n399926 1. Answer the three big questions (number of buyers and sellers, type of product, barriers to entry). What type of market was college textbook publishing prior to 2015? (5 points) 2. With the advent of online textbooks and opensource textbooks, how did the market change? Again, answer the three big questions and the market type. In your response, include three ways the industry has changed. (10 points) Do you think the change has a benet or hurt to society? (5 points) 4. What will be the effect of the continued expansion of foundations and governments funding opensource texts? How does this change benet or hurt society? (5 points) 9