Which of the following is true of market social equilibrium if third parties, people outside the market for a good, receive as much benefit from the good as the direct consumers?

Socially optimal output will equal the private quantity, and the socially optimal price will equal the private price.

Socially optimal output will be less than the private quantity, and the socially optimal price will be less than the private price. Socially optimal output will be greater than the private quantity, and the socially optimal price will be less than the private price. Socially optimal output will be greater than the private quantity, and the socially optimal price will be greater than the private price.

Socially optimal output will be less than the private quantity, and the socially optimal price will be greater than the private price.