1. Explain the difference between a regulated monopoly and a nonregulated monopoly. Explain in detail the regulatory challenges faced by governments in regard to the price of a good or service produced by a regulated monopoly.

2. List the traditional barriers of entry which allow a monopoly to control an industry. Explain why economists believe all monopolies succumb to competition in the long run. Compare and contrast the traditional understanding of monopoly power secured by the traditional barriers to entry with the market power enjoyed by large tech companies today.