The ________ refers to systematic reductions in production costs that have been observed to occur over the life of a product.
A) economies of scale
B) value creation
C) location economies
D) experience curve

Question

Quizplus · Accepted Answer

The experience curve refers to systematic reductions in production costs that have been observed to occur over the life of a product. A number of studies have observed that a product's production costs decline by some quantity about each time cumulative output doubles.

The ________ Refers to Systematic Reductions in Production Costs That