The numbers of tickets sold at US movie theaters dropped by about 80% in 2020 due to Covid and have remained very low since then compared with 2019. Theaters were shut down during 2020 due to government regulations, but 90% of theaters did reopen in 2021. Use the business models we have used in this course to explain **why, given the ongoing very low ticket sales, so many movie theaters didn't remain shut down until demand improves, or them closing permanently? In your answer, consider movie theater owners alternatives, sunk costs, variable and fixed costs etc. You can assume that variable costs for showing a movie are low, and fixed costs for owning or leasing the buildings are high.

(This is where you get to convince me you can think like an economist! You do not get points for restating the question. Bullet point answers are fine, so long as the point you are making is clear. 5 bullet points max)