Consider the following statements about a firm's short-run marginal costs: The marginal cost curve intersects the minimum point of both the average variable cost curve and the average total cost curve. When marginal cost is below average variable cost, average variable cost is falling. II. When marginal cost is below average total cost, average total cost is falling O a All three statements are true Ob. Only I and il are true. Oc Only I and Ill are true, O d. Only Il and il are true. Oe. Neither I nor if nor ill is true.
