Final answer:
The student's question involves business and consumer choice within the cell phone market. It touches upon how a greater variety of cell phone plans and services can make it challenging for consumers to pick the best option, and it discusses the benefits and innovations resulting from increased competition.
Step-by-step explanation:
The student's question pertains to the effects of increased consumer choice in the cell phone market and how it can sometimes make decisions more difficult, particularly when trying to ascertain whether one has chosen the best plan for their needs. As cell phone companies such as AT&T faced more competition, this led to a wider array of options for consumers, including new features, a diversity of phone shapes and colors, and a variety of payment plans. The end of the telephone monopoly is noted to have reduced prices, increased the quantity of services, and sparked a wave of innovation geared towards attracting customers.
One of the consequences of this increased consumer choice is the challenge in determining the reliability of different service providers. Some newer service providers may be less reliable than AT&T, which was once a monopoly. To navigate this market, consumers have to weigh various factors such as service quality, plan costs, and data transmission speeds. The expansion of the mobile phone market has also facilitated technological advancements and new services, like instant messaging, Internet-based calling, and video calling, which have been adopted by a substantial share of mobile phone users. With the presence of 4 billion mobile phone users worldwide, there's substantial potential for companies to offer services, including mobile banking, especially in regions where traditional banking is not as pervasive.