A Learning Curve Reflects the Fact That

question 30

Multiple Choice

A learning curve reflects the fact that

• A)each time the number of units produced doubles,the processing time per unit decreases by a constant percentage.
• B)each time the number of units produced doubles,the processing time per unit increases by a constant percentage.
• C)each time the number of units produced doubles,the processing time per unit increases by 10%.
• D)each time the number of units produced doubles,the processing time per unit remains the same.

---

Definitions:

Total Cost

The complete cost of production that includes both variable and fixed costs.

Economics

The social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants.

Farming

The practice of cultivating crops and raising livestock for food, fiber, biofuel, medicinal plants, and other products used to sustain and enhance human life.

Economic Profit

The gap between an enterprise's total earnings and its combined explicit and implicit outlays.