Which of the following is true of market social equilibrium if consumers recognize that they will receive much or all of the benefit even if others pay for a good they value?

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.