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Answer (A) is correct . In economics, a basic principle is that a firm should increase output until marginal cost equals marginal revenue. Similarly, the optimal capital budget is determined by calculating the point at which marginal cost of capital (which increases as capital requirements increase) and marginal efficiency of investment (which decreases if the most profitable projects are accepted first) intersect.

Answer (B) is incorrect because The intersection of average marginal cost with average projected rates of return when the largest (not most profitable) projects are accepted first offers no meaningful capital budgeting conclusion.
Answer (C) is incorrect because The optimal capital budget may exclude profitable projects as lower-cost capital goes first to projects with higher rates of return.
Answer (D) is incorrect because Accepting projects with rates of return lower than the cost of capital is not rational.