Step 1: Understanding the Concept:
For an electric dipole, the electric field falls off faster than that of a point charge.
Step 2: Detailed Explanation:
For a dipole, the electric field at a distance $r$ along the axial line is $E = \frac{1}{4\pi\epsilon_0} \frac{2p}{r^3}$ for $r \gg$ dipole length. Hence, $E \propto \frac{1}{r^3}$.
Step 3: Final Answer:
The electric field varies as $\frac{1}{r^3}$.