In a recent benefit-cost analysis of a proposed regulation that generatedpositivenet benefits in the present butnegativenet benefits in the future, the government used a 5% social discount rate.If it had instead used a 4% social discount rate, the net present value of the policy would have been ______; if it had used a 6% social discount rate, the net present value would have been ______.

Select one:

a.higher; higher.

b.higher; lower.

c.lower; higher.

d.lower; lower.