The law of diminishing returns

Question

Quizplus · Accepted Answer

The law of diminishing returns states that as more and more units of a variable resource (e.g., labor) are added to a fixed resource (e.g., land), the marginal (or additional) output will eventually decrease. This law applies in all production processes, not just agriculture. Parkinson's Law is unrelated to this concept. While mass production can lead to lower costs initially, it does not directly relate to the law of diminishing returns.

The Law of Diminishing Returns