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:
Monopolistic Competition
A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.
Differentiated Products
Goods or services that are distinguished from similar products based on quality, brand, design, or features, leading to non-price competition among firms.
Advertising
A marketing strategy involving the public promotion of products, services, or brands through various media channels to attract consumer interest.
Waste Of Resources
The inefficient, ineffective, or unnecessary use of resources resulting in the loss of potential benefits.
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