True or False: In a market experiencing a positive externality, the equilibrium quantity is typically lower than the socially optimal quantity due to the failure of the market to account for the additional benefits enjoyed by society.

The statement is true. In a market with a positive externality, like education or vaccinations, the benefits extend beyond just the buyers and sellers to society as a whole. This means that the market does not fully capture these extra benefits when determining prices and quantities. As a result, the quantity produced and consumed is usually lower than what would be ideal for society, which is known as the socially optimal quantity. For example, if a school provides education, not only do the students benefit, but the entire community benefits from having more educated individuals, which is not reflected in the school's pricing or the number of students enrolled.