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In the mid-1990s, cattle ranchers in the United States kept raising cattle even though prices were a

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In the mid-1990s, cattle ranchers in the United States kept raising cattle even though prices were a

In the mid-1990s, cattle ranchers in the United States kept raising cattle even though prices were at a ten-year low and below average total cost. What is the likely explanation for this?
A) Continuing to operate resulted in smaller losses than would have been incurred by shutting down.
B) The ranchers were hoping to receive government subsidies.
C) The exit costs were too high.
D) Cattle is an important source of protein and its production is essential for the United States.

Textbook

Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

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