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 producer surplus generated in this market at the free- market equilibrium?
Definitions:
Homogeneous Product
A product that is considered the same across different producers, making it indistinguishable in the eyes of the consumer.
Differentiated Product
A product that is distinct from its competitors by virtue of unique features, benefits, or quality.
Large Relative
Describing an entity or value that is significantly larger in comparison to others within a given context.
Market Power
An imperfectly competitive firm’s ability to raise price without losing all of the quantity demanded for its product.
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