why hasn’t the market unraveled? Why aren’t employers making offers to students when the results of the joint entrance exams are announced? I suspect there's a

why hasn’t the market unraveled? Why aren’t employers making offers to students when the results of the joint entrance exams are announced? I suspect there's an oversupply of workers. But I also think it's just a matter of time until the entrance exams results are sufficient for a lot of employers. Why hasn’t competition driven out `bad’ institutions? I suspect a shortage of supply in education and oversupply of demand for education. Last, what if quality of faculty research is unrelated to the ability to educate undergraduates? It isn't! But you don't go to Harvard just for the book learning, mostly you go there to rub elbows with the old money.