Since the Terrorist Attacks of September 2001, the US Has

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The Answer is The security measures enacted after the terrorist attacks have increased the amount of time required to clear security. Since airline passengers value their time, this increases the opportunity cost of traveling by plane. Recently a number of airlines have reduced the consumer-borne transaction costs of flying by speeding up ticketing procedures. Airlines now allow customers to print boarding passes over the internet. Customers can also check in using electronic terminals, saving valuable time that would be spent waiting in line. These new conveniences increase consumers' willingness to pay for air travel. This increases the quantity of airplane tickets sold and the price of tickets. Some of the increased value created by these new conveniences is captured by the airlines as increased profits.

Since the Terrorist Attacks of September 2001, the US Has

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