Why does UChicago has such have admittance rate?

Colleges & Universities University of Chicago
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<p>UChicago=Overall acceptance rate: 40% all types</p>

<p>JHU=Overall acceptance rate: 30%
Early-decision acceptance rate: 59%
Early-action acceptance rate: N/A
Acceptance rate (excluding early-action and early-decision students): 28%</p>