Economies of experience arise when the cost of production falls
A) as the number of units falls.
B) as the number of units rises.
C) as specific experience skills decline.
D) as specific experience skills increase.
E) as profits increase.

Question

Quizplus · Accepted Answer

Economies of experience occur when increased experience and skills in production lead to more efficient processes, reducing costs.

Economies of Experience Arise When the Cost of Production Falls