If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then the deadweight loss from monopoly equals

If an increase in price causes total revenue to decrease, we can conclude that demand is price elastic

Indicate whether the statement is true or false

If demand is highly inelastic and supply shifts to the right, the equilibrium price will rise significantly while quantity will increase only slightly.

Answer the following statement true (T) or false (F)