Which sector experienced significant cost reductions following its deregulation in the 1990s?

The telecommunications sector experienced significant cost reductions following its deregulation in the 1990s due to increased competition and innovation. Before deregulation, the industry was often dominated by monopolies or a few major players, which led to high prices for services and limited options for consumers.

When deregulation occurred, it allowed new entrants into the market, fostering a competitive environment. This competition incentivized existing companies to reduce prices in order to retain customers and attract new ones. Additionally, deregulation spurred technological advancements and infrastructure investment, leading to more efficient services and lower operational costs.

As a result, consumers benefited from reduced prices, better service quality, and increased access to telecommunications services, including internet and mobile communications. The changes in this sector set a precedent for how deregulation could impact other industries by highlighting the benefits of competition.