Final answer:
The Air Deregulation Act of 1978 resulted in increased competition, lower airfares, and reduced route restrictions in the US airline industry, but did not include the establishment of strict price controls as prices were then governed by market forces.
Step-by-step explanation:
The results of the Air Deregulation Act of 1978 include increased competition, lower airfares, and reduced route restrictions. However, one outcome that did not result from this legislation is strict price controls. The Act removed the federal government's authority over determining airfares and schedules, which led to market-driven pricing. Post-deregulation, the industry saw both a rise in competition and a fluctuation in prices due to market forces, rather than strict regulatory controls. Consequently, the airline industry experienced significant changes like bankruptcies of established airlines, the emergence of new airlines that eventually vanished, and a move towards more efficient operations like hub-and-spoke systems. Despite these market-driven changes, the essential oversight of safety by government inspectors ensured the continued improvement in commercial air travel safety.