The sensitivity of enrollment to conditions in the labor market for college graduates was assessed. A model was developed to determine whether sensitivity of enrollment to labor market changes depends on admissions selectivity and the curriculum. Data from 1965-1981 for 64 independent liberal arts colleges in Iowa and Illinois were evaluated. Results indicate that when conditions in the college job market deteriorated: colleges conferring degrees in occupational fields such as business or computer science experienced greater enrollment growth than did colleges offering traditional arts and sciences and teacher training curricula; and colleges with more selective admissions experienced greater enrollment growth than those with less selective admissions. Enrollment at the colleges was significantly related to beginning earnings of college graduates and the population of 18-24 year olds. It is suggested that occupational programs limit the downside risk of declining enrollment when conditions in the labor market deteriorate, but they also limit expansion of enrollments when the labor market improves. The enrollment determination model is detailed using equations. (SW)