Table: Barrels of Oil Refer to the Table

question 85

Multiple Choice

Table: Barrels of Oil $$\begin{array} { l c } \hline & \begin{array} { c } \text { Minimum willingness to sell } \\\text { a single barrel of oil }\end{array} \\\hline \text { Country } & \$ 32.00 \\\text { Country A } & 16.00 \\\text { Country C } & 17.25 \\\text { Country D } & 56.99 \\\hline\end{array}$$ Refer to the table. What is the total amount of producer surplus (per barrel of oil) earned by all four producers if the market price per barrel of oil is $51?

• A) $65.25
• B) $81.76
• C) $87.75
• D) $93.74

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Definitions:

Gasoline Prices

The cost per unit of gasoline, which can fluctuate based on factors like crude oil prices, taxes, demand, and supply situations.

Three Perspectives

A broad term that can refer to examining a subject from three different viewpoints or analytical frameworks.

Probability

The measure of the likelihood that an event will occur.

Standard Normal Table

A mathematical table used in statistics to find probabilities associated with the standard normal distribution, where the mean is 0 and the standard deviation is 1.