Question

Angus cattle and American buffalo are both animals that can provide humans with food and hides for shoes and clothing. Buffalo nearly became extinct in North America. Angus cattle were never endangered. Which of the following statements about these facts is correct?

Answer 1

i. There are clear property rights to the cattle, but not to the buffalo.

iii. Ranchers have an incentive to protect and nurture the Angus cattle.

iv. Buffalo were public goods; angus cattle were private goods.

Step-by-step explanation:

Cattle ranchers were the legal owners of angus cattle and it is a serious crime to take away someone else's cattle, while buffaloes didn't belong to anyone.

Since the ranchers owned the angus cattle, they would protect them from people and other animals trying to kill them or steal them, while no one protected buffaloes.

Since angus cattle had legal owners, they were private goods, while buffaloes were public goods.