Agas station operates in a monopolistically competitive market and is in short-run equilibrium. suppose that a fixed cost for this firm decreases. as a result, the firm's price will the firm's output will and the firm's economic profit will
a) increase; increase; increase
b) increase; increase; decrease
c) stay the same; stay the same; increase
d) decrease; stay the same; increase

C) stay the same; stay the same; increase

Explanation:

A monpolistically competitive market is a market where there are many buyers and sellers. It has both the features of a monopoly and perfect competition.

If in the short run, the fixed cost of a monpolistically competitive firm falls, the firm would not be able to make any adjustment to production because in the short run, some factors of production are fixed. So, price and output remains the same while economic profit increases due to a reduction in cost.

Economic profit = Accounting profit - Opportunity cost

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