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:
“Fortune raises up and fortune brings low both the man who fares well and the one who fares badly; and there is no prophet of the future for mortal men.”
—Sophocles (497–406/5 B.C.)
“When Americans look out on the world, they see nothing but dark and menacing strangers who appear to have no sense of rhythm at all, nor any respect or affection for white people; and white Americans really do not know what to make of all this, except to increase the defense budget.”
—James Baldwin (1924–1987)
“The Great Society is a place where every child can find knowledge to enrich his mind and to enlarge his talents.... It is a place where the city of man serves not only the needs of the body and the demands of commerce but the desire for beauty and the hunger for community.... It is a place where men are more concerned with the quality of their goals than the quantity of their goods.”
—Lyndon Baines Johnson (1908–1973)
“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.