Long Before the Weather Forecast Appeared on the Nightly Local

question 30

Multiple Choice

Long before the weather forecast appeared on the nightly local news, farmers had their own way of predicting the weather. This makes sense because, after all, their livelihood depended on it. While some people might discount their predictions as mere tall tales, there is indeed some truth in many of their sayings. For instance, there is an old saying: "Frogs croaking in the lagoon means rain will come real soon." Frogs are cold-blooded amphibians, so they require moist skin and relatively high temperatures to be active. Their croaking implies that the temperature and humidity are high-and these can often precede summer thunderstorms. Far from being a pest, this creature can actually give a farmer insight into approaching weather patterns. It's probably even be more accurate than a weather forecast on the nightly news!
If frogs are croaking on a summer's night, what might you predict?

• A)More airborne pests
• B)Clearer skies
• C)Good planting conditions
• D)Thunderstorms

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Definitions:

Competitive Price-Taker

A market participant who must accept the prevailing market prices because they have no influence over those prices due to their small market share.

Average Total Cost

The total cost of production divided by the quantity of output produced, representing the average cost per unit of output.

Homogeneous Products

Goods that are identical in quality and cannot be distinguished from one another by consumers.

Free Entry

Free entry is a market condition where businesses can enter and exit the market without facing significant barriers or costs.