What is represented by the two shaded areas on the diagram as the monopoly firm reduces the price of its product from $8 to $7? (We will refer to the area associated with the price change from $8 to $7 as the horizontal bar and the area associated with the quantity change from 5 units to 6 units as the vertical bar.) Question 8 options: The horizontal bar represents a gain in marginal revenue; the vertical bar represents a loss in marginal revenue. The horizontal bar represents a loss in marginal revenue; the vertical bar represents a gain in marginal revenue. The horizontal bar represents a gain in average revenue; the vertical bar represents a loss in average revenue. The horizontal bar represents a gain in total revenue; the vertical bar represents a loss in total revenue. The horizontal bar represents a loss in total revenue; the vertical bar represents a gain in total revenue