1. Airlines in the United States were heavily regulated by the Civil Aeronautics Board until the late 1970s and early 1980s at which time the industry was released to competition. From time to time there are renewed cries for re-regulation. Suppose regulation returns. Predict some of its features. Specifically, a. Will fares be regulated? If so, will they be maximum or minimum or both? b. What will happen to the value of the existing regulated companies when regulation returns? Will their stock prices rise or decline? c. Will more or "fewer people travel on airlines after re-regulation? d. Will the salaries of airline pilots, flight attendants, and maintenance workers increase or decrease after the new regulations go into place? What will happen to bus and Amtrak fares after regulation returns?