The Type of Cattle That Came from Texas to Abilene

question 73

Multiple Choice

The type of cattle that came from Texas to Abilene on the cattle drives were

• A)Guernseys.
• B)Herefords.
• C)Angus.
• D)Texas Longhorns.
• E)Shorthorns.

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Definitions:

Market Failure

Occurs when resources are misallocated, or allocated inefficiently. The result is waste or lost surplus.

Rent-Seeking

The practice of seeking to increase one's share of existing wealth without creating new wealth, often through manipulation or exploitation of the legal or political environment.

Monopoly Powers

The ability of a single seller or company to control the market for a good or service, often resulting in limited competition.

Impossibility Theorem

A theory, often associated with economist Kenneth Arrow, stating that no rank-order voting system can simultaneously fulfill certain fairness criteria.