Which of the following refers to systematic reductions in production costs that have been observed to occur over the life of a product?
A)experience curve
B)learning effects
C)location economies
D)efficiency slope
E)economies of scale

Question

Quizplus · Accepted Answer

The experience curve refers to the systematic reductions in production costs that occur over the life of a product as firms learn how to produce it more efficiently. This is also known as the learning curve or learning effects.

Which of the Following Refers to Systematic Reductions in Production