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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Marginal cost equals
A) total cost minus total variable cost. B) total fixed cost divided by total output. C) total variable cost divided by total output. D) the change in total cost that results from a one-unit increase in output. E) the change in fixed cost that results from a one-unit increase in output.
Imports from China represent ____ of total U.S. imports
a. less than 20% b. approximately 40% c. approximately 60% d. more than 80%
List and describe the three effects that help to explain why the aggregate demand (AD) curve slopes downward
According to marginal analysis, you should choose to do something if the extra benefit:
A. is positive. B. outweighs the extra cost. C. exceeds the benefits of the previous time spent on the activity. D. will change the outcome.