Final answer:
Deregulation in the transportation industry, initiated in the late 1970s, led to increased competition and often lower consumer rates. It also resulted in greater market-driven fluctuations in prices and potential job losses due to bankruptcies or downsizings within the industry.
Step-by-step explanation:
The effects of deregulation on the transportation industry have been significant and multi-faceted. Initially targeting the transportation industry under President Jimmy Carter's administration, the deregulation wave of the late 1970s through the 1990s reduced government restrictions on which firms could participate, what prices they could charge, and the quantities they could produce in industries such as airlines, trucking, and railways. This led to increased competition, which in turn often resulted in lower rates for consumers due to market forces determining pricing. However, this increased competition also posed challenges; firms that could not compete effectively might go bankrupt or scale down, leading to job losses. Moreover, while consumers often enjoyed lower prices, in some markets, customers faced difficulties due to the fluctuating costs and inconsistencies in service provision.