The government examined the monopoly's costs, and determined whether or not the monopoly should be able raise its price and if the government felt that the cost did not justify a higher price, it rejected the monopoly's pplication for a higher price.
The government examined the monopoly's costs. The government determined. The monopoly should be able raise its price. It rejected the monopoly's pplication for a higher price. The cost did not justify a higher price. This was what the government felt.