The _____ refer(s)to systematic reductions in production costs that have been observed to occur over the life of a product.

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The experience curve refers to the phenomenon of systematic reductions in production costs that have been observed as cumulative production increases over time. As workers and managers become more experienced with producing a product, they can identify ways to streamline the production process, reduce waste, and improve efficiency. This leads to cost reductions and, in turn, can increase profits for the company.

The _____ Refer(s)to Systematic Reductions in Production Costs That Have