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Normal No Spacing Heading 1 Editing Dictat ab X A 21 Font Paragraph Styles Voice 3. (10 points) Suppose market for dentists is monopolistically competitive. If someone tells you that, because many dentists do not have as many patients as they would like, this market is inefficient. This person states that (1) there should be fewer dentists in the area, and (2) patients should be distributed evenly amongst the remaining dentists by an agency run collectively by all the area dentists. That is, the market for dentists should be run more like a perfectly competitive industry where all dentists' services are viewed as being identical and patients are assigned to the first available dentist. a. Why would we expect some "excess capacity" in the monopolistically competitive market? b. Would the patients be better off under the new market structure? What would patients lose and what would they gain by switching to such a system? Would dentists be better off