Suppose Frank is a monopolist in the garden gnome market and is producing his profit-maximizing level of output. Suppose further that at this level of production his average total cost is $150, his average variable cost is $130, and the price of one of his gnomes is $160. It can be concluded with certainty that the marginal cost of the last gnome Frank sold was _____, everything else held constant.
1. greater than $160
2. greater than or equal to $160
3. $160
4. less than or equal to $160
5. less than $160