Low-cost carriers now account for about a third of the US market. For the most part, despite five years of restructuring and a few bankruptcy reorganizations, legacy carriers have yet to pare their costs down to the levels of JetBlue and Southwest. The newer carriers increasingly are writing the rules of competition and the legacy lines, which are experiencing LCCs on 60% of their routes, must compete on their terms. Thus they are adopting some of the hallmarks of their low-cost ...

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