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.)
“I describe family values as responsibility towards others, increase of tolerance, compromise, support, flexibility. And essentially the things I call the silent song of life—the continuous process of mutual accommodation without which life is impossible.”
—Salvador Minuchin (20th century)
“... nothing is more human than substituting the quantity of words and actions for their character. But using imprecise words is very similar to using lots of words, for the more imprecise a word is, the greater the area it covers.”
—Robert Musil (1880–1942)
“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)