Question

What do you understand by law of diminishing production ?

Answer 1

The law of diminishing returns, also referred to as the law of diminishing marginal returns, states that in a production process, as one input variable is increased, there will be a point at which the marginal per unit output will start to decrease, holding all other factors constant.

Answer 2

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The law of diminishing returns operates in the short run when we can't change all the factors of production