Joe's Widget Factory operates in a perfectly competitive industry. Joe's fixed and variable costs are given in the table below. He is a price taker and can sell as many widgets as he produces for $10 each. Complete the table using the provided link and respond to the following questions. Besides referring to your table to support your answers, include references from the course materials on profit-maximizing rules for competitive firms.

• What is the profit maximizing (or loss minimizing) level of output in the short run?
• What is the profit maximizing level of output in the long run?
• What are the shut-down prices in the short run and long run?
• What is the firm's supply curve?

Based on your answers to the previous set of questions, assuming there are 100 identical firms in the widget industry, construct a table showing the industry supply curve. Then, explain what you expect will happen over time to the number of firms in the industry and the equilibrium industry price of widgets