Tiger Woods, a professional golfer, pays a garage mechanic to change the motor oil of his car even though he can do the work himself. Which of the following best explains why Tiger Woods does NOT change the oil himself?

Question

Quizplus · Accepted Answer

The concept of opportunity cost implies that individuals must choose between alternative uses of their time and resources. Tiger Woods may have the skills to change the oil himself, but the opportunity cost of doing so is high. As a professional golfer, his time is valuable, and it is more efficient for him to spend his time earning money on the golf course rather than changing his car's oil. On the other hand, the garage mechanic likely has a lower opportunity cost for changing oil, as it is part of his job and he can earn a living doing so. Therefore, it makes more sense for Tiger Woods to pay the mechanic to change his oil, rather than doing it himself. This is why option D is the correct answer.

Tiger Woods, a Professional Golfer, Pays a Garage Mechanic to Change