<p><strong><em>(4)</em></strong> With the acceptance rate falling and selectivity going up, the quality of the students has DEFINITELY gone up.</p>
<p>So it seems like acceptance rate means either (a) the number of freshmen admitted has gone down while the number of applicants has stayed the same (or gone up) or (b) the number of freshmen admitted has stayed the same, but the number of applicants went up.</p>
<p>Which is it?</p>