Spring Has Arrived, and You Notice Your Neighbors Are Cutting

question 26

Multiple Choice

Spring has arrived, and you notice your neighbors are cutting their grass. When you walk outside to check if your mail has arrived, your eyes begin to water and feel itchy. You are more than likely experiencing

• A)an overreaction to pollen.
• B)a reaction due to an autoimmune disease.
• C)a pollen allergy.
• D)both A and C.

---

Definitions:

Average Total Cost

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

Economic Profit

The difference between total revenue and the total opportunity costs of all resources used in production, including implicit and explicit costs.

Long-run Equilibrium Conditions

A state in an economic model where all factors of production and markets adjust, resulting in no excess supply or demand.

Price-taker

A seller or buyer that has no control to dictate prices in the market, typically because of the highly competitive and uniform nature of the product.