Overall,economists believe that deregulation of industries formerly subjected to industrial regulation:

A) has been a clear failure.
B) is neutral in its impact to society's well-being,creating minimal net benefits at best.
C) has produced large net benefits for consumers and society.
D) has produced sizable efficiency gains in the communications industry,but not in the transportation industry (railways,trucking,airlines) .

Economists generally believe that deregulation of industries leads to increased competition and innovation, which ultimately benefits consumers and society as a whole by lowering prices, increasing quality, and improving efficiency. While there may be some negative consequences in the short-term, such as job losses or industry consolidation, the long-term benefits are believed to outweigh the costs. Therefore, option C is the most accurate choice as it suggests that deregulation has produced large net benefits for consumers and society.