Which of the following is true with respect to LRAC (Long run average cost) and LRMC (Long run marginal cost)?

LRAC curve cuts the LRMC curve from below at the minimum point of LRMC.

LRMC curve cuts the LRAC curve from below at the minimum point of LRMC.

LRAC curve cuts the LRMC curve from below at the minimum point of LRAC.

LRMC curve cuts the LRAC curve from below at the minimum point of LRAC.

Which of the following is true with respect to LRAC (Long run average

1.	Which of the following is true with respect to LRAC (Long run average cost) and LRMC (Long run marginal cost)?
A.	LRMC curve cuts the LRAC curve from below at the minimum point of LRMC.
B.	LRAC curve cuts the LRMC curve from below at the minimum point of LRAC.
C.	LRMC curve cuts the LRAC curve from below at the minimum point of LRAC.
D.	LRAC curve cuts the LRMC curve from below at the minimum point of LRMC.
Answer» D. LRAC curve cuts the LRMC curve from below at the minimum point of LRMC.