Suppose that the standard human capital model applies, and suppose we observe that everyone gets either $12$ years $($high school$)$ or $16$ years of schooling.

Suppose that tuition $()$ increases slightly. Which of the following will occur in the long run?

Select all that apply.

Group of answer choices

The earnings premium for a year of schooling will decrease.

Workers will obtain less schooling on average

Workers will obtain more schooling on average

The earnings premium for a year of schooling will increase.