Which of the following statements is (are) TRUE? I. In the face of a positive externality, a perfectly competitive market produces more than the socially optimal quantity of output. II. If vaccinations generate an external marginal benefit, their marginal social benefit will always exceed their private marginal benefit. III. In unregulated markets, the presence of negative externalities causes deadweight losses but the presence of positive externalities does not. I only. II only I and III II and III I, II, and III

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