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TAKE THE QUIZ“law of diminishing”
The following 2 entries include the term law of diminishing.
law of diminishing returns
: a principle in economics: at any given stage of technological advance an increase in productive factors (as labor or capital) applied beyond a certain point fails to bring about a proportional increase in production
law of diminishing utility
: a principle in social science: such as one acquires successive units of a good, the intensity of desire for additional units declines
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Merriam-Webster unabridged
