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Low cost carrier... in an airline... what is the true story???

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Is there such a thing as a true Low Cost Carrier (LCC), or is it just a smarter way of doing business in line with other industries? How has history played a part in there being such a gap between the 'full service' airline and the LCC? Is it possible to reduce this gap in the future and have a full service LCC? Please discuss these issues in economic terms (3,000 words) No Messages

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Do you really expect an answer of 3000 words?
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