Your friend launched a company two years ago, manufacturing an innovative form of paperclipWhen the company was first launched there was considerable waste in terms of scrap metal and plastic and the throughput time for each paperclip was 30 secondsHowever, having manufactured over 1 million paperclips since then, the company now wastes considerably less scrap and has improved the throughput time to 5 secondsAs a result, the marginal (per-unit) cost of producing each paperclip has decreased by 75%This savings is best described as a result of _________________________.
a. economies of scale
b. improved technology
c. better production processes
d. increased efficiency