Lower Fares Increase Quantity Demanded
The term was coined in 1993 by the U.S. Department of Transportation to describe the considerable boost in air travel that invariably resulted from Southwest's entry into new markets, or by another airline's similar activity (Ritter) . Southwest offered dramatically lower air fares than established airlines that usually enjoyed a near-monopoly in the communities.
Read more about this topic: The Southwest Effect
Famous quotes containing the words fares, increase, quantity and/or demanded:
“Fortune raises up and fortune brings low both the man who fares well and the one who fares badly; and there is no prophet of the future for mortal men.”
—Sophocles (497–406/5 B.C.)
“It shows nobility to be willing to increase your debt to a man to whom you already owe much.”
—Marcus Tullius Cicero (106–43 B.C.)
“Something is infinite if, taking it quantity by quantity, we can always take something outside.”
—Aristotle (384–322 B.C.)
“Becoming more flexible, open-minded, having a capacity to deal with change is a good thing. But it is far from the whole story. Grandparents, in the absence of the social institutions that once demanded civilized behavior, have their work cut out for them. Our grandchildren are hungry for our love and approval, but also for standards being set.”
—Eda Le Shan (20th century)