In this task, you will be shown a prompt from a judicial decision and multiple holding statements derived from citations following text in a legal decision. Holdings represent the governing legal rule when the law is applied to a particular set of facts. There are five answer choices for each citing text. The correct answer is the holding statement that corresponds to the citing text. The four incorrect answers are other holding statements. You should find the correct option. There is a <HOLDING> token in the position of the citing text prompt where the holding statement was extracted.

in character, such as determining the content of a school's curriculum. Id., at 65 (citing cases). Moreover, activities that are so central to the educational mission such that they are "re moved from the 'business competition' regulated by the Sherman Act" are not "trade or commerce" within the meaning of that act. Id. at 64. For example, the formation and development of an accreditation policy by a nonprofit educational corporation that functioned as an accrediting agency for schools in a specific geographic area of the country has been held beyond the ambit of the Sherman Act. Marjorie Webster Junior College, Inc. v. Middle States Association of Colleges and Secondary Schools, Inc., 432 F.2d 650, 654 (D.C.Cir.), cert. denied, 400 U.S. 965, 91 S.Ct. 367, 27 L.Ed.2d 384 (1970) (<HOLDING>). Rather, "an incidental restraint of trade,
Holding statements: (A) recognizing that injury is a prerequisite to liability (B) holding accrediting agency did not violate antitrust regulations by requiring nonprofit status as a prerequisite to its accreditation (C) holding that agency regulations cannot be applied retroactively unless congress has so authorized the administrative agency and the language of the regulations require it (D) holding that agency is bound by its regulations (E) holding that a coa is a jurisdictional prerequisite
(B)