Final answer:
Eliminating government restrictions on public grazing of cattle most likely leads to a tragedy of the commons, where unrestricted actions by individuals deplete shared resources.
Step-by-step explanation:
The tragedy of the commons is a situation in which individuals acting in their own self-interest can deplete shared resources, leading to long-term collective negative outcomes. Given the options provided, eliminating government restrictions on public grazing of cattle would most likely result in a tragedy of the commons. This is because without restrictions, each rancher may attempt to maximize their benefit by adding more cattle to the commons, leading to overgrazing and depletion of the resources.