Use the following two statements to answer this question: I. The average cost curve and the average variable cost curve reach their minima at the same level of output.
II) The average cost curve and the marginal cost curve reach their minima at the same level of output.

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

Average Cost Curve

A graphical representation showing how the average cost per unit of output varies with the level of output.

Marginal Cost Curve

A graphical representation showing how the marginal cost changes with changes in production volume.

Average Variable Cost Curve

A graphical representation showing how the average variable cost (AVC) of production changes with the level of output.