The learning curve refers to declines in the cost of materials as production volume increases.

Name: The learning curve refers to declines in the cost of materials as production volume increases.
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The learning curve refers to the phenomenon where the efficiency of a process improves as a result of repetition and experience, leading to a reduction in the time and cost required to perform a task, rather than specifically to declines in the cost of materials.

The Learning Curve Refers to Declines in the Cost of Materials