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Speedy Inc. is a bike manufacturing company. Its manager noticed that the production cost for each produced bike goes down as its cumulative output increases

Speedy Inc. is a bike manufacturing company. Its manager noticed that the production cost for each produced bike goes down as its cumulative output increases over years. This phenomenon is referred to as _________. Question 3Answer a. economy of scale b. learning economy (learning-curve effect) c. economy of scope d. diseconomies of scale

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