Which of the Following Statements Best Defines the Law of Experience

question 6

Multiple Choice

Which of the following statements best defines the law of experience?

• A)Costs per unit decrease with increases in cumulative volume of production.
• B)The average total cost of production decreases as a result of increasing the number of different goods produced.
• C)Cost per unit decreases with increase in the years of experience of employees.
• D)Marginal cost increases when output is increased.