This event means that there is more money to use for any and all of the additional items. This is the owners' decision. Market price is less than asking price but greater than total costs. This means that there is less money to pay the additional items. Taxes will fall a little but probably the main effect will be a reduction in owners' salaries.
Market price is less than asking price but greater than cash costs.
This means that the firm can continue to operate in the short run but cannot continue if the situation persists. If it's bedding plants, then the short run may be three of four cycles. If it's palms, then perhaps one planting. The short run could be one year's production cycle. In any case, the short-run effect will be that the firm cannot pay all its depreciation and overhead.