Question 35 1 pts When a market is in equilibrium and the marginal consumer values a commodity at less than the social cost of producing it, which of the following statements are correct? 1. At the market equilibrium the demand curve lies below the social cost curve. Il. Reducing production to a level below the equilibrium level could increase social surplus. Ill. The equilibrium price is higher than what is need to produce the socially efficient outcome. O I and II only O I, II and II O II only O ll and Ill only O I only O Ill only O l and Ill only