3. (5 pts] There is often something that keeps potential competitors out of a profitable market. Very often, this \"barrier\" to entry is created by the government. In our example in question 2, the barrier was a patent. Suppose that this patent only lasts 17 years and then it expires. After this, anyone can enter the market and produce and sell product X. a. Let us continue from question 2. The patent for X has just expired. There are other potential producers of X who have the same production costs as our monopolist. As these potential producers are attracted into the market by the profit, what happens to the market price of X? b. At some point entry will stop. Describe the market conditions at this point. c. Assuming a large number of competitors have entered the market for X, such that it is now a price takers market, what price would we expect for product X