Use the Information for the Question(s)below

question 81

Multiple Choice

Use the information for the question(s) below.
As an oil refiner,you are able to produce $76 worth of unleaded gasoline from one barrel of Alaska North Slope (ANS) crude oil.Because of its lower sulfur content,you can produce $77 worth of unleaded gasoline from one barrel of West Texas Intermediate (WTI) crude.
-Assuming you just purchased 10,000 Bbls of WTI crude at the current market price,the total benefit (cost) to you if you were to refine this crude oil and sell the unleaded gasoline is closest to:

• A)$730,600
• B)$770,000
• C)$771,400
• D)$773,908
• E)$775,000

---

Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price point in a certain period.

Decrease

A reduction in quantity, size, or intensity of a particular entity or activity.

Increase

An upward movement in quantity, price, or value.

Increase in Supply

A situation where the quantity of a good or service that producers are willing to supply at a given price rises.