Statement A alone is insufficient because it does not provide any information about time, while statement B alone is sufficient as it lacks the number of teachers and students.
∴ All the teachers can complete 1/5 of the work in 1 hour, and all the students can complete 1/3 of the work in 1 hour.
Thus, together they can complete 8/15 of the work in 1 hour, meaning the entire work will be finished in 15/8 hours.
Therefore, statement B alone is sufficient.
The correct answer is (B): If statement B ALONE is sufficient to answer the given question, but statement A alone is not.