(a) Answer this question according to lecture discussion. Use three separate properly labeled graphs to help you explain the three cases of government regulating a non-natural monopoly in an attempt to restore allocative efficiency.

(b) Use a properly labeled graph to help you explain how to determine the market outcomes (price, quantity, profits, consumer surplus, and deadweight loss) of a natural monopoly. Evaluate whether these outcomes lead to productive efficiency and/or allocative efficiency. Explain why government regulation in restoring allocative efficiency is not sustainable. Suggest a similar regulation that is sustainable in which it may result in a lose-lose-loselose situation