If the income tax on a particular profession is increased, then (I presume) the incentive to enter that profession will decrease. Say this is a profession that requires a degree. In the above scenario, fewer people will be going to school to get that degree.

What will happen to the cost of the degree? Will it go down to attract more students, or will it go up to squeeze more money out of those students who do attend?

I know this is a very basic economics topic, I just don't know what it's called. Can some anon please point me in the right direction? Answering the question for this particular scenario would also be helpful, but that is secondary as I imagine that a different formulation of the problem would've resulted int he opposite answer.

Thank you in advance!

>this is a topic for /biz/
I have already been informed that "/biz/ is a crypto board", so no.