Internet service is close to be non-discretionary in the United States, Europe and large parts of the world.

However, in much of Latin America, Africa and South East Asia, there are large portions of the population for which internet service is a luxury.

Given our discussions of beta, which of the following conclusions seem more appropriate?

(a) Emerging markets internet service providers should have lower betas than developed markets internet service providers

(b) Emerging markets internet service providers should have higher betas than developed markets internet service providers

(c) The two groups should have similar betas