As production experience increases,the average cost per unit produced decreases.What is this drop called?
A) the cost curve
B) the experience curve
C) the demand curve
D) the short-run average cost curve

Question

Quizplus · Accepted Answer

The drop in average cost per unit produced as production experience increases is commonly referred to as the "experience curve." This phenomenon is observed across various industries and is driven by factors such as increased efficiency, economies of scale, and technological advancements.

As Production Experience Increases,the Average Cost Per Unit Produced Decreases