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

A

Both LRAC and LRMC curves are 'U' shaped.

B

Both LRAC and LRMC curves are 'N' shaped.

C

LRAC curve is 'U' shaped and LRMC curve is 'N' shaped.

D

LRAC curve is 'N' shaped and LRMC curve is 'U' shaped.