In 1887, Congress Established the __________ as the First Independent

question 2

Multiple Choice

In 1887, Congress established the __________ as the first independent regulatory agency.

• A)Transportation Administration
• B)Interstate Commerce Commission
• C)Railroad Trust and Oversight Authority
• D)Industry Safety and Accountability Board
• E)National Institute for Standards and Technology

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Definitions:

Monopoly Behavior

Practices by a firm that holds a monopoly position, typically involving the use of its market power to restrict competition and control market prices.

Antitrust

Laws and regulations designed to promote fair competition and prevent monopolies and other unfair business practices.

U.S. Steel Case

A landmark antitrust case involving the United States Steel Corporation, representing significant legal and regulatory actions in American industrial history.

Illegal Price-Fixing

An unlawful agreement between competitors to set prices at a certain level, generally resulting in unfair competition and higher prices for consumers.