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.