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Identify the CORRECT statements below regarding chemical equilibrium:
(i) All chemical reactions which are in equilibrium are irreversible.
(ii) Equilibrium is achieved when the forward reaction rate equals the reverse reaction rate.
(iii) Equilibrium is achieved when the concentrations of reactants and product remain constant.
(iv) Equilibrium is dynamic in nature
(a) (i), (ii) and (iv) are correct
(b) (i), (ii), (iii) and (iv) are correct
(c) (i), (ii) and (iii) are correct
(d) only (ii) is correct
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