Consider the curve defined by $y=x^3-8x+5$. Determine the smallest slope of the curve and the point at which it occurs.

Smallest slope: $-8$

Location of the smallest slope: $\(\left\)(0,5\(\right\))$

Smallest slope: $-8$

Location of the smallest slope: $(0,-5)$

Smallest slope: $-4$

Location of the smallest slope: $(0,27)$

Smallest slope: $-4$

Location of the smallest slope: $(0,-27)$