Fill in the blanks:
a. Managers will maximize the values of firms by making decisions that maximize ______________in every single time period, so long as cost and revenue conditions in each period are _____________.
b. When current output has the effect of increasing future costs, the level of output that maximizes the value of the firm will be ________ (smaller, larger) than the level of output that maximizes profit in a single period.
c. When current output has a positive effect on future profit, the level of output that maximizes the value of the firm will be ________ (smaller, larger) than the level of output that maximizes profit in the current period.