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.)
“Official dignity tends to increase in inverse ratio to the importance of the country in which the office is held.”
—Aldous Huxley (1894–1963)
“Value is the life-giving power of anything; cost, the quantity of labour required to produce it; its price, the quantity of labour which its possessor will take in exchange for it.”
—John Ruskin (1819–1900)
“The Citizens’ Protective League of Denver, founded to “squelch the knocking and blackmailing newspapers in our beautiful but benighted city,” demanded that no news story, editorial, or advertisement unfit for fifteen-year-olds to read should be published, ....”
—Administration in the State of Colo, U.S. public relief program (1935-1943)