1. Restaurants that decided to closed permanently did so because their long-run total revenue had become less than long-run total cost
2. Restaurants that decided to closed temporarily did so because their short-run total revenue became less than short run-variable cost but there long -run total revenue were more than long-run total cost
3. Restaurants that decided to neither close temporarily or permanently did so because their short-run total revenue were more than short-run variable cost and long -run total revenue were also more than long-run total cost
(6 marks) "The past eight months have been devastating for Hong Kong's food and beverage industry...