Answer :
Learning effects refers to cost savings that come to Merck in the drug approval process.
As the organization has been through the process several times, it has grown convenient for them and can thus be used more efficaciously than others. Learning effects are cost savings that result from doing while learning. Economies of scale are cost reductions attained by manufacturing a large quantity of a product. When the flavors and preferences of individuals in different countries are similar, if not identical, universal needs exist.
Cost saving strategies are practices and fundamentals that aim to improve operational efficiency. They cover every aspect of operating a business, from employee hiring to flight booking. Successful implementation involves streamlining processes, effectively allocating resources, and eliminating waste.
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Complete question :
Merck, the pharmaceutical company, has taken more than a thousand drugs through the federal approval process and so can do it more cost efficiently than many of its competitors who are relatively new to the industry. Which of the following refers to cost savings that come to Merck in the drug approval process?
A.
location economies
B.
economies of scale
C.
ancillary effects
D.
learning effects
E.
exponential effects