15.Below is an excerpt from the abstract of a 2002 journal article entitled "Does regulation affect economic outcomes? The case of dentistry" by Morris Kleiner and Robert Kudrle:

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 outcomes.

(a)Explain the basic tradeoff a state makes when it tightens regulations on licenses for physicians, dentists, or any other professionals. What are the costs and benefits?