4. One of the problems associated with regulating industry, as witnessed by the practices of the Interstate Commerce Commission, is that

a. regulatory commissions often don‘t understand the economics of regulation.

b. regulatory commissions often end up protecting the monopolies they were intended to regulate.

c. regulatory commissions, managed by government bureaucracies, are typically more inefficient than unregulated monopolies.

d. there is a substantial time lag between identifying an offending monopoly and regulating it.

e. there is a substantial time lag between regulating an offending monopoly and obtaining the desired results.