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)
“Upon looking back from the end of the last chapter and surveying the texture of what has been wrote, it is necessary, that upon this page and the five following, a good quantity of heterogeneous matter be inserted, to keep up that just balance betwixt wisdom and folly, without which a book would not hold together a single year.”
—Laurence Sterne (1713–1768)
“A self-denial, no less austere than the saint’s, is demanded of the scholar. He must worship truth, and forgo all things for that, and choose defeat and pain, so that his treasure in thought is thereby augmented.”
—Ralph Waldo Emerson (1803–1882)