[dgordon]

"Universities don't charge enough as evident from the fact that there are an order of magnitude more applicants than spaces at many of them."

However, people who apply to universities in this class normally apply to many of them. Granted, some of them also get into many of them, but usually not all or most.

[jimbokun]

Same as getting 100s of resumes for a job posting. Just because you only hire 1 person for the position does not necessarily mean that you hire only from the best 1 percent.