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Which of the following best describes the experience curve ? a) As workers gain more experience they become more satisfied with their jobs
Which of the following best describes the experience curve ?
a) As workers gain more experience they become more satisfied with their jobs.
b) As a company produces more and more units of a new product it costs less per unit to manufacture.
c) As consumers gain experience at using a new product they become more knowledgeable about it.
d) All of the above are true.
Expert Solution
The answer is b).
Experience curve is a graphical representation of the relationship between the cost of production and the experience the company has in the production. That is, as more and more is produced, the average cost of production will decline. This could occur through learning by doing, as workers discover more efficient ways producing output.
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