Please share with us your observations (either personal, from recent news reports) regarding specific sellers, businesses, or producer decisions in the recent market situations. You can use the example of a small business, such as a food truck or a hot dog stand, or independent donut shop, or any other business of your choice. You may include in your post events related to the current post-pandemic rebounding economy. Please comment on things that impact the producer or seller, and apply the theory and terminologies, wherever they apply. Demonstrate your knowledge and understanding of the seller's perspective, production (total, average, marginal product, and diminishing returns), and cost (fixed, variable, total, average and marginal, short run, and long run) in your post. Apply terms such as "short run shut down," economic and accounting cost and profit and explain how these may apply to the situation that you have described.

The question you must discuss here: Should a business suffering economic losses temporarily close operations (shut down for the short run) or permanently close down and exit the market? If the business owner asked you for your advice because of your knowledge of microeconomic theory, what would you advise the business owner to consider to make this important decision?