Diminishing marginal product

Diminishing marginal product,

Definition of Diminishing marginal product:

  1. Fall in the rate-of-increase in output of a process as the amount of an input is increased, while the amount of other inputs is held constant. For example, it is usually possible to increase the output of a farm by adding more labor, fertilizers, or water-but only up to a certain extent. If it were otherwise, any one farm could feed the entire world.

Meaning of Diminishing marginal product & Diminishing marginal product Definition