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.