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.)
“We go on multiplying our conveniences only to multiply our cares. We increase our possessions only to the enlargement of our anxieties.”
—Anna C. Brackett (1836–1911)
“Among the virtues and vices that make up the British character, we have one vice, at least, that Americans ought to view with sympathy. For they appear to be the only people who share it with us. I mean our worship of the antique. I do not refer to beauty or even historical association. I refer to age, to a quantity of years.”
—William Golding (b. 1911)
“Simon, Simon, listen! Satan has demanded to sift all of you like wheat, but I have prayed for you that your own faith may not fail; and you, when once you have turned back, strengthen your brothers.”
—Bible: New Testament, Luke 22:31,32.