The figure given below shows the cost and revenue curves of a monopolist. Figure 24.9 
D: Average revenue
MR: Marginal revenue
ATC: Average total cost
MC: Marginal cost
Refer to Figure 24.9.Suppose that the market is perfectly competitive.The consumer surplus would be represented by the area _____.
Definitions:
Work in Process Inventory
The total value of all partially completed goods or work that is not yet finished within a production process.
Operations
Activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.
Raw Materials
The basic materials and components used at the start of the production process, essential for creating the finished product.
Inventories
Quantifiable goods or materials that a business holds for the purpose of sale in the ordinary course of business, production, or use.
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