The correct option is (a) One junction is forward biased and one is reverse biased
Easiest explanation: In a BJT, depending upon the biasing of the two junctions, the BJT behaves differently. The BJT may be in saturation, wherein it acts like a short circuit, or it may be in cut-off, i.e an open circuit. The BJT can be either in forward active or reverse active mode. Active mode is the common mode, used in BJTs and obtained by one forward biased and one reverse biased junction.