2) A small town in Midwest obtains all of its electricity from one company, Midwest Edison, which is a natural monopoly. Being tired of high prices the company charges to the town citizens, the town council is planning to either open up its market for providing electricity to competition or regulate the price in this market. a) What would prevent the town council from opening up its electricity market for competition (between two or more firms)? b) Considering your answer in part (a), suggest two policy options that the council can use in regulating price in the market for electricity. Do you think the council can regulate the market without creating a deadweight loss? Explain why or why not both in words and using a diagram