Suppose grapefruit is produced in a constant cost industry and sold in a perfectly competitive market. If the price for the grapefruit is lower than the average cost of producing grapefruit, what can we say about the short run equilibrium?

a. In short run equilibrium, firms will be both productively and allocatively efficient.

b. In short run equilibrium, firms will be allocatively efficient.

c. In short run equilibrium, firms will be productively efficient.

d. In short run equilibrium, firms will be neither productively nor allocatively efficient.