Which of the following statements are true about Marginal Cost (MC) and Average Cost (AC)?1. MC is the change in the total cost (TC) as production (Q) changes.II.The MC is higher than the Average Cost (AC) in a typical production process.Both I and II are true.Both I and II are false.O I is true, but Il is false.Olis false; Il is true.YetQUESTION 3If the Total Cost (TC) curve is an upward sloped linear curve, thenO the marginal cost (MC) curve is increasing for all output (Q) levels.the marginal cost (MC) will be lower than the average cost (AC) for all output levels.the marginal cost (MC) is constant.

Which of the following statements are true about Marginal Cost (MC) and Average Cost (AC)? 1. MC is the change in the total cost (TC) as production (Q) changes. II. The MC is higher than the Average Cost (AC) in typical production process. Both I and II are true. Both I and II are false. I is true, but II is false. Olis false; Il is true.