Nonactivists argue against the use of discretionary monetary policy and rules-based monetary policy

When production of a good results in an external cost, the unregulated competitive market equilibrium is inefficient because ________

A) MSC = MC B) MSC = MB C) MSC > MB D) MSC < MB E) MSC is undefined

________ is the value of a good minus the price paid for it summed over the quantity bought

A) Producer surplus B) Consumer surplus C) Surplus D) Shortage