Does PUSH/PULL conserve bandwidth?

[John Murphy]

If I do PUB/SUB for example A publishes to B,C,D, the publisher sends 3 copies of the message across the wire.  With PUSH/PULL where A pushes to B,C,D I assume only one copy of the message goes across the wire since only one of PULL sockets will receive the message.  Is this assumption correct?