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Question 3 (1 point) Saved 3 16 Panel (a) 15 16 14 15 Panel (b) 13 14 6 12 13 11 12 10 11 10 Supply Supply 12 Demand Demand 15 Refer to Figures above. Panel (a) and Panel (b) each illustrate a $4 tax placed on a market. In comparison to Panel (b), Panel (@) illustrates which of the following statements? 18 When demand is relatively inelastic, the deadweight loss of a tax is smaller than when demand is relatively elastic. 21 When demand is relatively elastic, the deadweight loss of a tax is larger than when demand is relatively inelastic. smaller than