Graph 8-1 
-According to Graph 8-1, the loss in total welfare resulting from the levying of the tax is represented by area:
Definitions:
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price in a specified period.
Quantity Supplied
The quantity of a service or good that is available for sale by producers who are ready and able to sell at a particular price, over an agreed period.
Quantity Demanded
The cumulative total of a good or service that customers intend and can afford to buy at a set price level.
Quantity Supplied
The total amount of a product that producers are willing and able to sell at a given price in a given time period.
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