Previous research on feedback frequency suggests that more frequent feedback improves learning and task performance (Salmoni, Schmidt, & Walter, 1984). Drawing from resource allocation theory (Kanfer & Ackerman, 1989), we challenge the "more is better" assumption and propose that frequent feedback can overwhelm an individual's cognitive resource capacity, thus reducing task effort and producing an inverted-U relationship with learning and performance over time. We then propose that positive and negative affective states will moderate the inverted-U relationship between feedback frequency and task performance. We test these propositions in an experimental study where the frequency of task feedback is manipulated. Results show that feedback frequency exhibits an inverted-U relationship with task performance, and this relationship is mediated by task effort. This curvilinear relationship is then moderated by individual's positive affective state. (Contains 3 figures and 4 tables.)