Richard P. answered 02/24/14
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The force of air resistance drag is proportional to the cross sectional area of the the object and to the square of the velocity at which it travels. There is also a factor called the coefficient of drag Cd. So three factors are: cross sectional area, velocity and shape. Cd is less for a cone than for a sphere. That is why there is a nose cone on a rocket.
In the instant just after drop, the only force acting is gravity (= mg) which acts downward.
At terminal velocity there are two forces which balance to a net zero. The two forces are mg (downward as before) and the drag force acting upwards. Their magnitudes are the same, their directions opposite.