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.)
“The possibility of divorce renders both marriage partners stricter in their observance of the duties they owe to each other. Divorces help to improve morals and to increase the population.”
—Denis Diderot (1713–1784)
“The Great Society is a place where every child can find knowledge to enrich his mind and to enlarge his talents.... It is a place where the city of man serves not only the needs of the body and the demands of commerce but the desire for beauty and the hunger for community.... It is a place where men are more concerned with the quality of their goals than the quantity of their goods.”
—Lyndon Baines Johnson (1908–1973)
“Washington society has always demanded less and given more than any society in this country—demanded less of applause, deference, etiquette, and has accepted as current coin quick wit, appreciative tact, and a talent for talking.”
—M. E. W. Sherwood (1826–1903)