1. Consider monopolies such as local water or electric public utilities that are regulated by a government entity, often called a Public Utilities Commission. What are the ways in which these companies are regulated? What are the reasons for granting monopoly power to the company? What are the advantages and disadvantages of doing so? 2. Think about local businesses that fit the definition of monopolistic competition, such as barber shops, nail salons, restaurants, or gardeners. Then, reflect on the following: -How do these types of businesses compete? -When you decide to select one company versus another, how important are price versus non-price factors? -What price differentiation are you willing to tolerate before shifting from the preferred supplier to a competing one