A socially optimal equilibrium occurs when:
a. the marginal social cost of a given level of output is equal to the marginal social benefit.
b. the marginal private cost of a given level of output is equal to the marginal social benefit.
c. the marginal revenue from a unit of a good equals the marginal cost of production

Which alternative approach to development has recently emerged in East Asia, and has gained credibility due to China's dramatic growth?

a. best practices approach b. Washington consensus c. invisible hand of the market d. developmental state model

Refer to the above figure. Suppose point A is the original equilibrium. If there is an increase in the money supply, the new long-run equilibrium is given by point

A) A. B) B. C) C. D) D.