An Owner of a Stable of Racehorses Has Been Earning

Multiple Choice

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:

A) high barriers to exit.
B) high switching costs.
C) high fixed costs.
D) low levels of competitive rivalry.