Now use these same words to complete the text below: The American air travel market is a free market. The (1)
Act allowed airlines to set their own prices and enter in to (2)
with other airlines. Prices went down and finally this resulted in a real (3)
.
Also in Europe, lifting the (4) which were the result
of over-regulation, in other words the (5) of the market
resulted in mergers and (6) . These global mega-airlines
set up (7) agreements with other airlines to strengthen
their position on the world market. Fares came down as well with the system
of (8) ___ ; , but European governments are allowed to
intervene in case of either excessive fares or the opposite, (9) .
Alliances are formed across the national borders, also enabling European
airlines to set up a (10) , creating a focal point
from which aircraft movements are directed. This system generates more profit, but
does not shorten the total (11) , on the contrary