Learning-curve cost advantages are present when the cost of production falls with the cumulative volume of production.

Name: Learning-curve cost advantages are present when the cost of production falls with the cumulative volume of production.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Learning-curve cost advantages result in decreasing the cost of production with increasing cumulative volume of production. As workers become more experienced, productivity increases and production costs decrease, resulting in cost savings.

Learning-Curve Cost Advantages Are Present When the Cost of Production