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.)
“The personal touch between the people and the man to whom they temporarily delegated power of course conduces to a better understanding between them. Moreover, I ought not to omit to mention as a useful result of my journeying that I am to visit a great many expositions and fairs, and that the curiosity to see the President will certainly increase the box receipts and tend to rescue many commendable enterprises from financial disaster.”
—William Howard Taft (1857–1930)
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—Walter Bagehot (1826–1877)
“Socrates gave no diplomas or degrees, and would have subjected any disciple who demanded one to a disconcerting catechism on the nature of true knowledge.”
—G.M. (George Macaulay)