The ____________ refers to the systematic reductions in production costs that have been observed to occur over the life of a product.
A) experience curve
B) forward advantage
C) positive-sum result
D) managed advantage
E) economies of scale

Question

Quizplus · Accepted Answer

The systematic reductions in production costs over the life of a product are referred to as the experience curve. This phenomenon is often observed in industries where the production process is repetitive and can be optimized over time. As the production process becomes more efficient through learning and experience, the costs of producing each unit decrease, resulting in economies of scale.

The ____________ Refers to the Systematic Reductions in Production Costs