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:
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—Sophocles (497–406/5 B.C.)
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—William Howard Taft (1857–1930)
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—Plato (c. 427–347 B.C.)
“Washington will ever be a city for extracurricular romance and undercover trysts, partly because of the high moral standards demanded of the politician by his constituency, and also because it is a town where women are more easily tolerated if they dabble with politicians rather than politics.”
—Barbara Howar (b. 1934)