It has been observed that a product's production costs decline by some quantity about each time cumulative output

Name: It has been observed that a product's production costs decline by some quantity about each time cumulative output
Brand: Quizplus
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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.

It Has Been Observed That a Product's Production Costs Decline