The diagram below shows the demand and supply curves in a perfectly competitive market. 
FIGURE 12- 5
-Refer to Figure 12- 5. If output in this market were Q3, and the price were still P2, the loss in consumer surplus relative to the competitive equilibrium would be illustrated by area
Definitions:
Sensory Interaction
The process by which multiple sensory modalities interact to influence perception and behavior, such as how taste and smell combine to create flavor.
Serial Processing
A cognitive process in which the brain analyzes information in a sequential, step-by-step manner.
Top-Down Processing
A cognitive process that emphasizes the importance of conceptual knowledge, expectations, and memories in making interpretations and decisions, starting with generalities before moving to specifics.
Fragrant Odors
Pleasant and sweet-smelling scents that are often produced by flowers, herbs, spices, and other substances.
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