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Building the Supply Curve

What is the l...

Question

What is the law of diminishing marginal product?

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Solution

Law of diminishing marginal product refers to a situation in which total output increases at a diminishing rate when more of the variable factor is combined with the fixed factor(s) of production. In such a situation, marginal product of the variable factor must be diminishing.

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What is the law of diminishing marginal product?

State the behaviour of marginal product when only one input is increased and other inputs are held constant.

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Explain what you understand by the "law of diminishing marginal product".

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