Multiple Choice
Angelo is a wholesale meatball distributor.He sells his meatballs to all the finest Italian restaurants in town.Nobody can make meatballs like Angelo.As a result,his is the only business in town that sells meatballs to restaurants.Assuming that Angelo is maximizing his profit,which of the following statements is true?
A) Meatball prices will be less than marginal cost.
B) Meatball prices will equal marginal cost.
C) Meatball prices will exceed marginal cost.
D) Meatball prices will be a function of supply and demand and will therefore oscillate around marginal costs.
Correct Answer:
Verified
Correct Answer:
Verified
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