The diagram below shows supply, demand, and quantity exchanged of Monday matinee movie tickets. Assume it is a perfectly competitive market. 
FIGURE 12- 4
-Refer to Figure 12- 4. What is the value of the consumer surplus generated in this market at the allocatively efficient level of output?
Definitions:
Game Theory
A theoretical framework for understanding strategies among rational decision-makers in situations of competition and cooperation.
Strategic Situations
Scenarios where the outcomes for individuals or entities depend not only on their own decisions but also on the actions of others.
Cost-benefit Analysis
A method of evaluating the feasibility and efficiency of a project or investment by comparing the expected benefits with the associated costs.
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