An online streaming firm increased its paying subscribers by 300% over a 4-year period. The firm’s share of the total time people spent watching television doubled and profits grew rapidly.
Which one of the following is the most likely explanation for the firm’s success?
1 )
A low concentration ratio in the industry meant that the firm faced little competition
2 )
A low income elasticity of demand enabled the firm to raise the price of its subscription and increase its profits
3 )
The firm was able to cut average costs by producing and selling a homogeneous product
The firm was innovative and this increased barriers to entry for firms wishing to join the industry
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