The price of long-distance telephone service fell from 40, Microeconomics

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The price of long-distance telephone service fell from 40

The price of long-distance telephone service fell from 40 cents per minute in 1996 to 22 cents per minute in 1999, a 45-percent (18 cents/40 cents) decrease. The Consumer Price Index increased by 10 percent over this period. What happened to the real price of tele- phone service?

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Microeconomics: The price of long-distance telephone service fell from 40

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Microeconomics: The price of long-distance telephone service fell from 40

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