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

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

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.

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

If y = 3x((x + a)(x + b)) + 5 where a and b are constants and a > b be the total cost for x unit of output of a commodity. What will be the nature of marginal cost as the output increases continuously?

) + 5 where a and b are constants and a > b be the total cost for x unit of output of a commodity. What will be the nature of marginal cost as the output increases continuously?a) Does not changeb) Increases continuously

Changes as the interval of y changes

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