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Question:

What is the law of diminishing marginal product? 

Answer:

Law of Diminishing Marginal Product:
According to this law, if the units of the variable factor keep on increasing keeping the level of the fixed factor constant, then initially the marginal product will rise but finally a point will be reached after which the marginal product of the variable factor will start falling. After this point the marginal product of any additional variable factor will be zero, and can even be negative.


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