If two positive fractions are less than 1, why is their product also less than 1

The product of two positive fractions are also less than one because you are multiplying a number which is already less than 1.

For example.

1 / 2 = is 50% of a whole.

When you multiply 1/2 by 1/2 you do not get the 100% of the whole because you are only getting 50% of the 50% of the whole, which in turn is equivalent to 25% of the whole.

1/2 * 1/2 = 1/4 of the whole.

The only time you can get a result of 1 and above where two fractions are less than 1 is when you perform addition of these fractions.

1/2 + 1/2 = 1