An owner of a stable of racehorses has been earning below-average returns for more than 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

Quizplus · Accepted Answer

High barriers to exit can lead individuals to continue in a business despite poor returns, as leaving the industry might involve significant costs or losses.

An Owner of a Stable of Racehorses Has Been Earning