Firm ABC designs and implements a lower-cost method of producing its product.This is an example of:

A) product innovation.
B) the inverted U-theory.
C) economies of scale.
D) process innovation.

Process Innovation

The introduction of a new or significantly improved production or delivery method to reduce costs, improve quality, or produce a good or service more efficiently.

Economies of Scale

Refers to the cost advantage that arises with increased output of a product, where the average cost per unit falls as scale of production increases.

Lower-Cost Method

A cost-minimization strategy that involves choosing the most economical options in order to reduce expenses and improve efficiency.