I'm afraid this question has so many problems of grammar and usage, even in the OA, that it is not possible to verify the answer. It's best to avoid studying from such questions. However, you can learn a great deal from studying the official question this was copied from:
https://gmatclub.com/forum/the-cameras- ... 79178.htmlA few issues in this one:
*We can't just start the sentence with "slump" without an article. It needs to be "a slump" or "the slump."
*We also can't say "look at MBA." We need to say something like "consider obtaining an MBA."
*"Doubling" means multiplying by 2, so combining it with "twice" is redundant. This renders all five choices incorrect!
*Even if we cut out "to twice," the sentence would not be valid/complete. We can't double the number of applicants from five years ago. We can have twice as many applicants as we had five years ago, but the original number isn't doubling. It's already history!