| 单词 | diminishing marginal product |
| 释义 | diminishing marginal product The tendency for successive extra units of any input to a productive process to yield smaller increases in output. If one input to a productive process rises, while other inputs are held constant, total output may increase; if it does, the input has a positive marginal product. As successive extra units of an input are applied, however, after a certain point output is likely to rise at a diminishing rate. Whether marginal products diminish is a matter of fact: at low levels the marginal product of an input may increase. Beyond some point, however, marginal product usually diminishes. In farming, for example, it is usually possible to get more output from an acre by applying more labour, fertilizer, or irrigation water. If marginal product did not diminish as more of these inputs were used, the world could be fed on the output of one acre of land, which is clearly impossible. |
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