According to the modern view, the impact of expansionary monetary policy will

a. be the same in the long run as in the short run.

b. be the same regardless of whether the effects of the policy are anticipated or unanticipated.

c. initially be an increase in real output if the policy is unanticipated, but in the long run, the primary result will be a higher price level (inflation).

d. initially be an increase in prices if the policy is unanticipated, but in the long run, the primary result will be larger real output.