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One of the biggest reasons for the failure of deregulation to meet its 'promise of competition' during the first twenty years has been which one?

One of the biggest reasons for the failure of deregulation to meet its 'promise of competition' during the first twenty years has been which one?

restrictive state "new corporation rules."
barriers to entry for new entrant airlines.
vigorous enforcement of antitrust regulations.
the failure of incumbent airlines to expand.

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