Diminishing returns/Definition: Difference between revisions
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imported>Nick Gardner (New page: The tendency for the output resulting from the employment of an addition unit of a factor of production to fall as the amount of that unit is increased '''when all other factors of produc...) |
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The tendency for the output resulting from the employment of an addition unit of a factor of production to fall as the amount of that unit is increased '''when all other factors of production are held constant''' (cf economies of scale). | The tendency for the output resulting from the employment of an addition unit of a factor of production to fall as the amount of that unit is increased '''when all other factors of production are held constant''' (cf economies of scale). | ||
Latest revision as of 21:23, 22 May 2008
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Diminishing returns [r]: The tendency for the output resulting from the employment of an addition unit of a factor of production to fall as the amount of that unit is increased when all other factors of production are held constant (cf economies of scale).