11. A perfectly competitive market is in LRCE at a price of $28 with 200 identical firms producing 5000 units of output. Then the market demand shifts so the new SRCE market quantity is 4000. Which of the following are true? I. The quantity produced by each firm is 20 in the short run. II. The new LRCE price is less than $28 Ill. The firms are making profit in the short run. a) Onlylis true h) Only II is true c) Onlyland II are true d) Only I and III are true e) All 3are true