(Merit list) ACT/SAT based admissions

Can anybody explain how the merit list works for act sat based admissions. My merit position is 38 and my 1st Priority for admissions is BS Accounting and Finance. I just checked out the closing merit positions for 2023. I have attached a picture of it below. Please explain how this works to me also what are my chances?

Can anybody explain how the merit list works for act sat based admissions. My merit position is 38 and my 1st Priority for admissions is BS Accounting and Finance. I just checked out the closing merit positions for 2023. I have attached a picture of it below. Please explain how this works to me also what are my chances?