Buffalo in the United States almost became extinct while cattle, an animal that provides similar products, never has been close to extinction. The difference is due to
A) the greater marginal value of a head of cattle relative to buffalo, leading to over-hunting of buffalo.
B) the greater marginal value of a buffalo relative to a steer, leading to the overharvesting of buffalo.
C) cattle existing in Europe also while buffalo were specific to North America.
D) the use of private property rights on cattle and common property rights on buffalo.
D
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Refer to the scenario above. After the implementation of the tax, Thomas's expenditure on wine will:
A) remain the same. B) increase by $50. C) decrease by $50. D) increase by $100.
Other things equal, monetary policy to offset a contractionary gap will tend to
a. Increase the money supply and lower interest rates b. Increase the money supply and increase interest rates c. Decrease the money supply and lower interest rates d. Decrease the money supply and increase interest rates