From 1937 to 1978, the Civil Aeronautics Board (CAB) regulated all interstate air transport as a public utility. Fares, routes, and schedules were all set by bureaucrats and airlines were regulated as if they were utilities. Short-haul fares were generally subsidized by higher long-haul fares to encourage commercial air travel. In 1978, the Airline Deregulation Act removed government control in attempt to promote competition. What effects should we expect from the deregulation in terms of the price and quality of flights as well as the ones at the hubs? Explain your answers in detail for full credits.