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The overwhelming event for Ireland in the 1840s was
Fixed Input(s)
Factors of production, such as land or machinery, that cannot be adjusted in the short term.
Short Run
A time period during which at least one input is fixed and cannot be adjusted by a firm.
Diseconomies Of Scale
Occur when a company grows so large that the costs per unit increase. It is the opposite of economies of scale.
Long-Run Average Total Cost Curve
A graphical representation showing the lowest possible cost at which any given level of output can be produced in the long run.
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