Suppose that the current equilibrium price of silver is $34 per ounce. if silver is produced under conditions of perfect competition and the industry is in long-run equilibrium, the average total cost of producing silver:

The average total cost of producing silver is $34.

Explanation:

In perfect competition, there is no restriction on the entry and exit of firms. So the firms enjoy only normal or zero economic profits in the long run.  

If the firms incur losses, the loss of incurring firms will leave the market and profits will increase. If firms will be having positive profits, new firms will enter and profits will get reduced.  

The price level is thus equal to the average total cost in the long run.

The price of silver here is given as $34.  

So, the average total cost will also be $34.

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