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What is likely to happen to a shared ( common ) renewable resource? too little will be produced, decreasing the resource over time each producer

What is likely to happen to a shared (common) renewable resource?
too little will be produced, decreasing the resource over time
each producer will wait to produce, if interest rates are high
the resource will be produced at a rate that maximizes the total profit over time
too much will be produced, decreasing the resource over time

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