The law of diminishing returns indicates that?
Tuesday, January 31, 2023
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Question: The law of diminishing returns indicates that?
The law of diminishing returns states that as more of a good or service is produced, the additional production returns will eventually become smaller as additional amounts of the resource are added. This concept can be applied on a microeconomic level, such as when a worker produces more units of a product than usual, or on a macroeconomic level, such as when the economy experiences a large output in the production of a certain good or service. In other words, the law of diminishing returns states that there is a point at which adding more resources will not lead to increased production.
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