Using the definition and characteristics of perfectly competitive industries, explain why in the long runfirms earn zero economic profits. Does this mean that competitive firms earn zero accounting profits?I Your response should be at least 75150 words (12 paragraphs) in length. 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 profitmaximizing rules for competitive firms. Your response should be at least 75150 words (12 paragraphs) in length, including table. 0 What is the profit maximizing (or loss minimizing) level of output in the short run? 0 What is the profit maximizing level of output in the long run? 0 What are the shut-down prices in the short run and long run? 0 What is the firm's supply curve? Note: Use this Week 3 Assignment marksheet to complete the following table. Be sure to incorporate your table into your Assignment submission. Widgets Fixed Variable Total 33:;3: Average Marginal Price = Profits Produced Costs Costs Costs Cost Total Cost Cost MR 0 25 0 10 l 25 8 10 2 25 15 10 3 25 23 10 4 25 32 10 5 25 42 10 6 25 53 10 7 25 65 10 3 25 78 10 9 25 92 10