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A gas 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 _____.
Partnership Debt
Financial obligations incurred by a partnership, for which each partner may be equally responsible.
Partnership Agreement
A contract between partners in a business venture that outlines the terms of the partnership, including each partner’s rights, responsibilities, and share of profits.
Modify
To make changes or alterations to something, such as a contract, agreement, or piece of legislation, often to update or improve it.
Unanimously Agree
A decision-making process or outcome in which all parties or members fully concur without any dissent.
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