ANSWER THE FOLLOWING QUESTIONS IN AT LEAST 100 WORDS PER QUESTION

ANSWER THE FOLLOWING QUESTIONS IN AT LEAST 100 WORDS PER QUESTION, USE TEXT AS A REFERENCE NO OUTSIDE SOURCES ARE NEEDED. THE REFERENCE TO THE TEXT   IS: Sexton, R. L. (2013). Exploring Economics (6th ed.). South-Western Cengage Learning.   Choose a market or industry that you think is close to perfectly competitive.  Then, explain whether or not your choice meets each of the characteristics shown in section 12.1 of the text book.  Is the market really perfectly competitive?  Can absolute perfect competition exist in the “real world?”   Take a look at the latest annual report for the Tennessee Regulatory Authority at: http://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?    Do each of characteristics of monopoly shown in section 13.1 of the textbook 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.

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