1.What would happen to the size of the cattle population if Americans decided to
ID: 1169400 • Letter: 1
Question
1.What would happen to the size of the cattle population if Americans decided to eat substantially less beef? Explain the logic underlying your answer.
2.Does private ownership entitle the owners to do anything they want with their property? Why or why not?
3. Do private owners have an incentive to conserve resources for the future?
4. Do businesses operating in a competitive market have an incentive to keep costs low and produce goods that consumers value highly relative to cost? Do they have an incentive to innovate and develop improved products? Explain.
Explanation / Answer
1. The cattle population would sink dramatically, The reason is simple. Cattle in america is grown simply to provide beef so if people decide not to eat beef then cattle population also will go down. People would just stop raising cattle as it will not be profitable anymore
2. Private ownership of land does not mean they can do anything they want on their land, It just means title of the land and owned by which person. Ex: A person owning private land cannot pollute ground water by sending industrial waste into ground. This will damage the environment, He might have owned land but certainly do not own environment.
3. They do have incentive to conserve resources, Resources like groundwater are very vital for business, If they conserve it, They can have continious supply for long time
4. Yes, Businesses in competitive environment have high incentives to mass produce goods that can cater needs of millions of people, The best example is smart phones, notebooks, printers etc. They are all very useful and mass produced leading to reduction in costs.
They do have incentive to develop improved products, The best example is auto industry, They just have to innovate to survive. There are numerous models of cars that went out of business for failing to innovate
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