At the longrun equilibrium of an industry Select one: O a. The longrun average cost is equal to longrun malginal cost and to the price of product. O b. Short run average cost is equal to longrun average cost and to the price of product. O c The longrun and short run marginal costs are equal to the price of product. O d. All statements are true. The owner of a profit-maximizing firm is heard to say: "I wouldn't hire him even if he paid me." It can be assumed that the owner believes that, if hired, this worker would yield Select one: O a. zero marginal returns O b. negative marginal retums. O c.constant marginal returns O d. diminishing marginal returns The supply (as) and demand (d) functions for fishery products in Oman are Os = 20+0.8P and Qde 35-0.7P. The equilibrium price and quantity of fish are Select one Da P-12 and Q - 30 Bb. Pa 10 and 28 De PTO and Q - 20 Band 0-12