Final answer:
Deregulation led to increased competition and reduced airfares in the airline industry, resulting in more efficient flights, more service to additional cities, and a doubling of jobs. However, post-9/11 security measures increased the opportunity cost for passengers due to longer waiting times.
Step-by-step explanation:
The subject of this question relates to the airline industry, specifically the impact of deregulation and airline security. The deregulation of the airline industry led to increased competition, which in turn reduced airfares by about one-third over two decades and increased the efficiency of the flights.
The average flight went from being half-full to two-thirds full, and the development of hub-and-spoke systems meant passengers could fly between any spoke cities with just one connection, resulting in service to more cities. This increased air travel and led to the doubling of jobs in the airline industry. However, increased security measures after the 9/11 hijackings have introduced significant opportunity costs in terms of additional waiting times at airports.