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.)
“And because of the increase of lawlessness, the love of many will grow cold.”
—Bible: New Testament, Matthew 24:12.
“Something is infinite if, taking it quantity by quantity, we can always take something outside.”
—Aristotle (384–322 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)