Underinvestment is often found under common property resources. Which of the following is the most important relevant reason?
O External costs, such as pollution or bycatch, that are unaccounted for (i.e. not internalized) in production.
O Private production costs are too high.
O External benefits, such as future increased catch to other members, that are unaccounted for (i.e. free-riding).
O Aggregate consumption of the resource is too high.