How to obtain a URL of /posttype/taxonomy/term

I’ve pulled out my WordPress manuals and searched Google, but can’t find a how-to on creating URL structure with Custom Post Types and Custom Taxonomies. I’m pretty sure it’s possible, but not positive.

Say I have a CPT of ‘product’ and a custom taxonomy of ‘product_category’ with terms of ‘jewelry’ and ‘electronics’. Without specifying to rewrite the slug to anything custom, how do I specify the CPT, Taxonomy and term in a URL to see all product posts with a product_category of jewelry?

This works:

/product_category/jewelry

But this does not:

/product/product_category/jewelry

Is it possible to use the post type’s base in the URL?

I think what I am referring to is that by default WordPress allows /blog/category/tag and I would like to duplicate this URL format for my own CPT/custom taxonomy.

Does anyone know if this functionality is possible? And if so, is this configuration in the registration of the CPT or in the registration of the custom taxonomy? Or both?

Any examples/reference URLs? I’ve referred to the codex but the answer is still not clear to me.