The decline in the average cost of production with accumulated production experience is called the ________.
A) demand curve
B) supply chain
C) learning curve
D) value chain
E) indifference curve

Question

Quizplus · Accepted Answer

The decline in average cost of production with accumulated production experience is referred to as the learning curve. As production experience increases, workers become more skilled and efficient in performing tasks, leading to a reduction in the time and resources required to produce each unit, and ultimately resulting in a decrease in average production costs.

The Decline in the Average Cost of Production with Accumulated