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:
“Whoever understands how to do a kindness when he fares well would be a friend better than any possession.”
—Sophocles (497–406/5 B.C.)
“I describe family values as responsibility towards others, increase of tolerance, compromise, support, flexibility. And essentially the things I call the silent song of life—the continuous process of mutual accommodation without which life is impossible.”
—Salvador Minuchin (20th century)
“All things will be produced in superior quantity and quality, and with greater ease, when each man works at a single occupation, in accordance with his natural gifts, and at the right moment, without meddling with anything else.”
—Plato (c. 427–347 B.C.)
“Logic, reason, disease, and the menace of death, these things meant nothing at all to us. We were committed to other values by which the poet has always lived in defiance of all that society demanded of him.”
—Kay Boyle (1903–1993)