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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 ________.
Economic Growth
A rise in the economic power to produce goods and services when comparing distinct periods.
Capital Formation
The process of accumulating assets and investments that are used for future production or economic growth.
World Bank
An international monetary organization granting loans and finances to governments of less affluent countries for capital project undertakings.
Developing Nations
Countries with lower levels of industrialization, lower standards of living, and lower Human Development Index (HDI) scores compared to more developed countries.
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