What will be the market clearing price and quantity sold

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If the market for silver is perfectly competitive then what will be the market clearing price and quantity sold? Illustrate you answer in the diagram below.

- How much silver is sold by the typical firm at the market clearing price? Illustrate the profits of the typical firm in your diagram for part (a). Include in your diagram the inverse demand curve of the firm.

- Given the market clearing price, are the typical firms earning normal, supernormal or subnormal profits? Briefly explain.

- If new firms could replicate the costs of the typical firm but NOT Silverado then what do you predict will be the long run market clearing price of silver?

Reference no: EM133637507

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