Which of the following statements accurately describe the relationship between socially optimal output and actual output? Select all that apply.

Socially optimal output refers to the level of production that maximizes overall welfare in society, taking into account both the benefits and costs to everyone. Actual output, on the other hand, is the quantity of goods or services that businesses produce in reality, which may not always align with the socially optimal level. For example, if a factory produces too much pollution while making cars, the actual output may be higher than what is socially optimal, as the negative effects on health and the environment are not fully considered. In many cases, actual output can be less than socially optimal if businesses do not produce enough to meet societal needs. Therefore, the relationship between these two outputs often highlights a gap that can occur when external costs or benefits are not properly accounted for.