Step 1: Conductance Method
In forward bias, conductance adds: $\dfrac{1}{R}=\dfrac{1}{40}+\dfrac{1}{40}=\dfrac{1}{20}$.
Step 2: Reverse Bias
The diode branch has infinite resistance, so $\dfrac{1}{R}=\dfrac{1}{40}+0$.
Step 3: Result
$R=20\,\Omega$ and $R=40\,\Omega$ respectively, which is option (C).
Final Answer:
Adding conductances gives 20 ohm in forward bias and 40 ohm in reverse bias.
\[ \boxed{\text{(C) }\text{20}\,\Omega\text{ and 40}\,\Omega} \]