Your roommate claims we can understand the near-extinction of the American bison during the latter half of the nineteenth century in America as an economic phenomenon.Since bison herds were ________ "owned," they were a ________,and buffalo hunters generated a ________ externality when hunting them,as the hunters failed to consider how overharvesting could reduce herd numbers in the future.

Question

Quizplus · Accepted Answer

Bison herds were not privately owned, but were instead publicly owned resources. Since they were a common resource pool good, they were vulnerable to overharvesting, which created negative externalities. This ultimately led to the near-extinction of the American bison in the late 19th century.

Your Roommate Claims We Can Understand the Near-Extinction of the American