The power factor of a circuit, which is the cosine of the phase angle \(\phi\) between the voltage and current, can be calculated using the given phase lag. Here, the current lags the voltage by \(\frac{\pi}{3}\) radians.
The power factor \(\text{pf}\) is given by:
\[
\text{pf} = \cos(\phi)
\]
Since \(\phi = \frac{\pi}{3}\):
\[
\text{pf} = \cos\left(\frac{\pi}{3}\right) = \frac{1}{2}
\]
So, the power factor of the circuit is \(\frac{1}{2}\). The correct answer is:
A. \( \cos \left( \frac{\pi}{3} \right) \)