Context of Slump

Coming out of the pandemic, a small group of universities, including many in the Ivy League, experienced a record-breaking increase in applications this season, a report by the Common Application found.

The report said the number of college applicants has jumped 20% since the 2019-20 school year, even as enrollment has slumped nationwide, suggesting more students are applying to the same schools. “For brand-name colleges, the demand is off the charts,” said Hafeez Lakhani, founder and president of Lakhani Coaching in New York. “It’s never been harder to get in.”
—The CNBC

Which of the following BEST interprets the meaning of “slump” in the passage?

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