18. A perfectlyr 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 SROE market quantity is 4000. Which of the following are true? I. The quantity produced by each rm is 20 in the short run. II. The new LROE price is less than $28 Ill. The firms are making profit in the short run. a) Onlyl is true b) Only;r II is true c) Only I and II are true d) Onlyr I and III are true e) All 3 are true