When I try this, the option for "Disk Image from (Select a Device)..." is grayed out and un-selectable.
Now, one thing to point out, this is on a commercial audio cd that I purchased, so it's not just a data cd of images as the original poster needed to copy.
By the way, I'm fully legal here, simply trying to make a copy of this cd so that I can listen to it in my car. The only audio cd player that I use is in my car, and the reality is that any cd I bring into my car tends to get scratched and ruined. So clearly, I prefer to leave the original at home, safely inside a case.
This is something I have done in the past using Disk Utility, and it was never complicated before.
Does anybody know what's going on? Did Apple modify Disk Utility so that it won't copy audio cds? I suspect this is what happened, which is a bit annoying for my situation. I want to make one copy on a cheap cd blank, and once that's trashed I'll make another one. This should be fully allowable within my rights, as I'm creating a duplicate for the sole purpose of maintaining a back-up copy.