Vermont is one of many states that passed Certificate of Need (CON) laws in the 1970s. Many interest groups are in favor of repealing all CON regulations. Assuming perfect markets, describe in one page or less, using graphs where appropriate, the effect of a repeal of Vermont's CON law on:
a. Hospital inpatient market in Vermont
b. Long-term care market in Vermont
**Treat part a and b as separate (no effect transferring into the other market)