12. Consider the excerpt from the following article \"Does regulation affect economic outcomes? The case of dentistry\" by Morris Kleiner and Robert KNEE-IS: [9pm] Theory suggests that more restrictive licensing may raise prices and at the same time raise demand by reducing uncertainty about the quality of the services. This article uses unique data on the dental health of incoming Air Force personnel to analyze empirically the effects of varying licensing stringency among the states. It finds that tougher licensing does not improve OLItCOITl 25. (a) Explain the basic trad eoff a state makes when it tightens regulations on licenses for physicians, dentists or other professionals. What are the costs and benefits? [52E] (b) Kleiner and Wfind that cadets from states with tougher licensing regimes do not have healthier teeth on average. Why might the tougher licensing regimes be efficient, even if those states also have higher prices for dental services? [Mg] c. Why could we not use this strategy to study the effect of physician licensing? [3R1]