Macroeconomics helps explain economic fluctuations, why the economy shrinks and expands and why some of the economy's resources are idle

Which of the following is true of an extensive-form game?

A) The sum of the payoffs to the players in the game is always constant. B) It involves simultaneous decision making by the players. C) It involves sequential decision making by the players. D) The players in the game earn equal payoffs in equilibrium.

In this graph, expanding output to 5 million units causes a ______.

a. deadweight loss of area ECD
b. deadweight loss of area AEB
c. consumer surplus of area ECD
d. producer surplus of area AEB