Fill In The Blanks In The Following Sentence

Fill in the blanks in the following sentence. “Assuming a firm pays taxes but there are no costs of bankruptcy, when the firm increases leverage, its value __________ and overall social welfare ________. This is because the tax-savings on debt ____________ taxpayers.” 

a. stays the same; increases; increase the welfare of 

b. stays the same; stays the same; are unrelated to 

c. increases; increases; are unrelated to 

d. increases; stays the same; are a subsidy from 

e. decreases; increases; are a subsidy from