Final answer:
The Supreme Court ruled that the ad parody run by Hustler magazine was protected speech under the First Amendment.
Step-by-step explanation:
The Supreme Court decided that the ad parody run by Hustler magazine was protected speech under the First Amendment in the case of Hustler Magazine v. Falwell. The court ruled that parodies of public figures, even ones intended to cause emotional distress, are protected by the First Amendment. Therefore, option c) The parody was protected speech is the correct answer.