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In 1776, delegates to the Second Continental Congress appointed a committee to draft a document that would state their list of grievances and articulate their intention to seek independence. List the writers of the Declaration of Independence, and name the primary writer and the reasons for (and objections to) his prominence. Discuss the philosophies and theories embodied in this revolutionary document.
Diminishing Returns
A principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase and may decrease.
Natural Monopoly
A market structure where a single provider is more efficient in supplying the entire market with a product or service, due to high fixed or startup costs.
Average-Cost Curve
The average-cost curve represents the total cost of production divided by the quantity of output produced, showing how the average cost per unit of product changes with changes in output level.
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