Florida Power & Light, an electric power company, is the only source of electricity for consumers in most parts of the Florida panhandle. As a(n)________, the company receives approval from the state utility commission for the rates it can charge.

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Florida Power & Light is the only source of electricity for consumers in most parts of the Florida panhandle, meaning that it has complete control over the market and there are no close substitutes. As such, it is best classified as a pure monopoly. The company receives approval from the state utility commission for the rates it can charge due to its monopoly status.

Florida Power & Light, an Electric Power Company, Is the Only