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.)
“Official dignity tends to increase in inverse ratio to the importance of the country in which the office is held.”
—Aldous Huxley (1894–1963)
“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)
“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)