Even if demand for a resource grows over time, ever-rising prices of the resource that result from its growing scarcity still discourage consumption.

The equilibrium outcome used in both the sequential and simultaneous move games is known as

a. The centrality equilibrium b. First mover equilibrium c. Nash equilibrium d. All of the above

When the commons are converted into privately owned resources, _____

a. utilization is increased, and benefits to the society decline b. utilization is increased, and the benefits to the society also increase c. utilization is decreased, and the benefits to the society also decrease d. utilization remains unchanged, and the benefits to the society increase e. utilization is decreased, and the benefits to the society increase