The possibility of learning by doing ensures:
A)equal profits for all firms in an industry.
B)uniform price for a product.
C)lower production costs to a pioneering firm.
D)lower production costs to a market entrant.

Question

Quizplus · Accepted Answer

Learning by doing refers to the process where a firm becomes more efficient at producing goods or services over time as it gains experience. This often leads to lower production costs for a pioneering firm, as it can improve its processes, reduce waste, and increase productivity through accumulated experience.

The Possibility of Learning by Doing Ensures