A monopolist is the only supplier of gadgets in their market. Their marginal cost of producing a gadget is $20, and there are no xed costs. The inverse market demand for gadgets is P = 140 Q, Where Q is the number of gadgets demanded, and P is the price. (a) What is the economically efcient (ie. social welfare maximizing) price and quantity of the product? (b) What is the monopolist's protmaximizing level of output? What price will the monopolist charge? (c) Graphically demonstrate your answers to parts (a) and (b) Indicate the deadweight loss from monopoly on your graph. What is the dollar amount of the deadweight loss from monopoly in this market