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7. Monopoly When the old AT&T had a virtual monopoly on long distance service, it created a rate structure that had high prices M-F 8

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7. Monopoly When the old AT&T had a virtual monopoly on long distance service, it created a rate structure that had high prices M-F 8 am to 5 pm, medium prices M-F 5:01 pm -11 pm, and low prices M-F 11:01 pm -7 59 am and all-day weekends and holidays. How might the differences in elasticities for business phone users and household phone users explain this rate structure

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