Question

What is the law of diminishing marginal product?

Answer 1

Explanation:

Diminishing returns

Diminishing returns is the decrease in the marginal output of a production process as the amount of a single factor of production is incrementally increased, while the amounts of all other factors of production stay constant.

Answer 2

Answer:

Diminishing marginal product is an ‘economic principle’ which states that there is a decrease in the marginal output in the process of production when the amount of single factor of ‘production is increased’ in increments, and amount of ‘all other factors’ of production ‘stay constant’.

Explanation:

This is an economic law which states that when one input for the production of certain commodity is increased and all other ‘inputs are kept fixed’, then after a certain point the increase in the factor of production with keeping everything constant will not have any effects on the production levels.