<p>^Huh? That is maybe true in a macro sense. But at particular colleges, yield tends to change very slowly, if at all. At Chicago, during the period in which applications have been doubling and the admit rate has been cut in half, yield has fluctuated in a band not much wider than 3%, between 36% and 39%+. As a result, Chicago accepts pretty much the same number of people year to year. It has been as low as 3,600 and as high as 3,750, but that’s pretty much it for variation. They are not admitting more people on account of the greater number of applications.</p>