Suppose the annual fee (or long-run fixed cost) increases.Complete the following table by indicating how this affects the costs and industry conditions in the short run and the long run.Note: When completing the column for the short run, do not include any changes in short-run conditions when moving to the long run. In other words, determine only the initial short-run effects of this change in industry conditions. Also, when completing the column for the long run, compare the outcome to that of before the change in industry conditions, not to the short-run outcome.CHANGE IN-1.Short Runa)AC_____b)MC_______c)market price ______d)industry output______e) firm output_______f)number of firms_____2.Long Runa)AC _____b)MC _______c)market price _____d)industry output______e) firm output_______f)number of firms____( the options of the above blanks-decrease/increaseo change/ not enough info)

omic costs. following graphs show the demand and short-run supply of shovels and the cost curves for an individual firm in the industr ? Short-Run MArket Individual Firm in the Long Run Demand Supply AC P P COST (Dollars per shovel) PRICE (Dollars per shovel) MC