Consider a single-price monopoly. Which of the following is statements is correct? Explain your answer.

a. As long as the demand curve facing a monopoly is downward sloping, downward shifts in MC will prompt the monopoly to increase output and reduce price.

b. As long as the demand curve facing a monopoly is downward sloping, downward shifts in MC will prompt the monopoly to reduce output and thereby obtain a higher price.

c. As long as the demand curve facing a monopoly is downward sloping, upward shifts in MC will prompt the monopoly to increase output and reduce price.

d. None of the above.