Final answer:
Professor Arbiter meant that the company's objective was to prioritize profit over price.
Step-by-step explanation:
When Professor Arbiter stated that the company's objective was "profit, not price," he meant that the main focus of the company is to generate a financial gain rather than setting low prices.
This statement suggests that the company prioritizes maximizing profitability instead of offering products or services at lower costs to customers. By focusing on profit rather than price, the company aims to ensure its long-term sustainability and growth.