An owner of a stable of racehorses has been earning below-average returns for over 15 years. To a colleague, he expressed his determination to stay in horse racing until he died because "racing is in my blood." This individual is probably still racing horses because of

Question

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The owner's statement about staying in horse racing until he died indicates that he has a strong emotional connection to the industry, which suggests that high barriers to exit may be a factor keeping him in the business. These barriers could be financial (such as the cost of selling off horses and equipment) or psychological (such as a desire to maintain a certain lifestyle or identity).

An Owner of a Stable of Racehorses Has Been Earning