Final answer:
The FAA implemented deregulation to address traffic growth and improve Air Traffic Control (ATC) automation, resulting in reduced airfares, increased number of air passengers, and job growth in the airline industry.
Step-by-step explanation:
The Federal Aviation Administration (FAA) took several steps to meet the challenge of traffic growth and improve Air Traffic Control (ATC) automation. One of the key actions taken was deregulation, which led to greater competition among airlines. This resulted in a reduction in airfares by about one-third over the next two decades, saving consumers billions of dollars annually. With lower fares and more service, the number of air passengers doubled, leading to an increase in jobs in the airline industry.