Problem 1. Choose a market or industry that you think is close to perfectly competitive. Is the market really perfectly competitive? Can absolute perfect competition exist in the "real world?"
Problem 2. Take a look at the latest annual report for the Tennessee Regulatory Authority at:
https://www.state.tn.us/tra/reports/annualrpts/anlrpt1213.pdf
What types of industries does TRA regulate? Choose a specific company that would fall within one of those industries. Why is this firm (and others within the industry) regulated?
Problem 3. Do each of characteristics of monopoly apply to the firm you have chosen in question #2? Explain why or why not each characteristic would or would not apply to your firm.