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Diminishing means becoming smaller and smaller. While diminishing pain is a good thing, diminishing returns on your investment is not so welcome. The law of diminishing returns refers to the tendency at a certain point for continued effort in an area to begin producing a smaller and smaller result.
Definitions for waning. waning(adj) a gradual decrease in magnitude or extent. the waning of his enthusiasm was obvious; the waxing and waning of the moon. waning(adj) (of the Moon) pertaining to the period during which the visible surface of the moon decreases.