This Summer the Lobster Catch in Maine Has Been Especially

question 141

Multiple Choice

This summer the lobster catch in Maine has been especially large, but instead of celebrating the fisherman are 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 has decreased. This fact means that the demand for lobster is

• A) unit elastic.
• B) elastic.
• C) inelastic.
• D) perfectly elastic.