Use the Following Statements to Answer This Question: I

Multiple Choice

Use the following statements to answer this question: I. The long-run average cost (LAC) curve is the envelope of the short-run average cost (SAC) curves.
II) The long-run marginal cost (LMC) curve is the envelope of the short-run marginal cost (SMC) curves.

A) I and II are true.
B) I is true and II is false.
C) II is true and I is false.
D) I and II are false.