Monster Adjustment Question

Hello again. I have a question about the monster adjustment factor. If enabled, monsters damage bonus/reduction will be based off of the current lowest level player alive and at the adjustment factor that is set. What if the adjustment factor is turned off? Do monsters still have damage reduction/bonus? Is it constant throughout the waves or does it fluctuate?

The level of the monsters will be set at the wave number * 2.
With 7 points per level, which gets split equally between the DB and DB, this means their DB and DR will be 3.5 * wave number * 2, so ranging from 7 to 112.