By requiring that applicants for insurance policies fill out lengthy forms and take a physical examination, insurers attempt to guard against

Which of the following is a barrier to entry for a monopoly?

A) a patent B) severe diseconomies of scale C) close substitutes for the good or service exist D) All of the above answers are correct.

In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a lower total revenue

(Source: New York Times, July 28, 2012 ) We learn from the article that despite the larger quantity of lobster caught, the total revenue of the fisherman decreased. This fact means that the demand for lobster is A) unit elastic. B) elastic. C) inelastic. D) perfectly elastic.