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(a) In words and/or diagrams, discuss why convergence of the rods results in increased sensitivity, but decreased acuity.
(b) In words and/or diagrams, discuss why the lack of convergence in the foveal cones results in decreased sensitivity, but increased acuity.
Normal Profit
The minimum level of earnings needed for a company to remain in business, often considered as the company's opportunity cost.
Break Even
The juncture where the aggregate of all costs matches the total income, leading to neither a profit nor a loss.
Short Run
A period of time during which at least one of a firm's inputs is fixed.
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust all inputs and achieve optimal operation.
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