and Statement of Purpose -- 1 The Inefficacy of Profit Level Regulation for the Natural Monopoly Markets of Diversified Firms -- A. An Economic Overview -- B. A Legal Overview -- 2 The Welfare Ingredients of Price Level Regulation: Incentives and Decisional Options -- A. The Firm’s Incentives and their Welfare Implications -- B. Major Decisional Issues in a Price Level Regime -- 3 Assessing the Efficacy of Price Level Regulation for the Natural Monopoly Markets of Diversified Firms -- A. Potential Benefits of Price Level Regulation -- B. Potential Problems of Price Level Regulation -- 4 Implementing a Price Level Regime for Diversified Public Utilities -- A. As Applied to the Firm’s Natural Monopoly Markets -- B. As Applied to Relationships between the Diversified Firm’s Regulated and Unregulated Markets -- Conclusion -- Endnotes -- Afterword.