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Question
Buffalo in the United States almost became extinct while cattle have never been close to extinction. The difference is due to
A) the greater marginal value of a buffalo relative to a head of cattle, leading to greater ʺharvestingʺ of buffalo.
B) the use of private property rights on cattle and common property rights on buffalo.
C) the greater marginal value of a head of cattle relative to buffalo, leading to over -hunting of buffalo.
D) the differences in size between the two animals, and the effect of size differences on the costs of hunting them.
Answer
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