What did the Supreme Court rule in Munn v. Illinois?

The correct answer highlights a significant legal precedent established in the case of Munn v. Illinois (1877), where the Supreme Court ruled that private property can indeed be subject to government regulation when it is deemed to serve the public interest. The case involved a grain warehouse and elevator company that was challenged by the Illinois state government regarding its pricing practices. The ruling emphasized that businesses chartered by the state, which are seen as public utilities, can be regulated to ensure fair pricing and practices for the benefit of the public.

This decision was influential as it reinforced the idea that while individuals have property rights, those rights can be balanced with the need for government intervention to ensure the greater good. The ruling upheld state regulations on private enterprises engaged in public service, recognizing the government's role in protecting consumer interests against monopolistic practices in industries that had substantial impacts on the public.

The other options do not accurately reflect the ruling or its implications. For instance, stating that all businesses must be privately owned does not capture the nature of the case, which dealt with the regulation of businesses already operating in the marketplace. The suggestion that railroads may set their own rates without regulation directly contradicts the core ruling of Munn, which affirmed government regulatory capabilities. Lastly, the idea