The comma would end up between but and orange.
"You may have an apple or an orange, but you can't have both."
This is because you're coming to a conjunction, which usually has a comma preceding, or coming before, it.
(A.) is your answer to the question
"Graphic Novel" is a format<span>, not a genre. Graphic novels can be fiction, non-fiction, history, fantasy, or anything in-between. Graphic novels are similar to comic books because they use sequential art to tell a story. Unlike comic books, graphic novels are generally stand-alone </span>stories<span> with more complex plots.</span>
