Maine has a very active lobster industry, which harvests lobsters during the summer months. The rest of the year lobsters can be obtained from other parts of the world, but at a much higher price. Maine is also full of “lobster shacks,” roadside restaurants serving lobster dishes that are open only during the summer. Explain why it is optimal for lobster shacks to operate only in the summer.

1, From the evidence in the case, what can you infer about whether or not the retail market for electronics satisfied the conditions for perfect competition before the advent of comparison price shopping via mobile app? What was the most important impediment to competition?