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.)
“There is held to be no surer test of civilisation than the increase per head of the consumption of alcohol and tobacco. Yet alcohol and tobacco are recognisable poisons, so that their consumption has only to be carried far enough to destroy civilisation altogether.”
—Havelock Ellis (1859–1939)
“When we run over libraries persuaded of these principles, what havoc must we make? If we take in our hand any volume; of divinity or school metaphysics, for instance; let us ask, Does it contain any abstract reasoning concerning quantity or number? No. Does it contain any experimental reasoning concerning matter of fact and existence? No. Commit it then to the flames; for it can contain nothing but sophistry and illusion.”
—David Hume (1711–1776)
“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)