A natural monopoly is different from a market monopoly. A natural monopoly is often both protected and regulated by the government because it is deemed a benefit to society. Describe an example of a real-world industry or market that would be considered by economists to be anatural monopoly. Be sure to address the following questions in your answer.

1. What characteristics of the natural monopoly industry you identified make it similar to a market monopoly?
2. What is the impact of monopoly power on you as a customer?
3. Why does the government choose to regulate some natural monopolies rather than ban them? Is this ethical?
4. How might such regulation be structured to benefit both the producers and the consumers?