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The best explanation for government regulation of the public utility market is:
The government wishes to reward the technological innovation of the utility providers with guarantees of limited competition.
The government regulates the public utility market because the sources used are a basic need for population, such as water and electricity, and should be in the public government control. As the company which works with that specific source, not the government, is investing in technological innovation, it is offered to them a limited competition as an incentive to keep the investment in technological innovation to offer to the population better services.
