Suppose the standard size of a copper futures contract is 25,000 pounds each. At the time of entering into a futures contract, the futures price is $22.50 per pound. At expiration of the futures contract, the copper price is $19.50 per pound. Which of the following is true?

Select one:

a. The long position on the contract will have a profit of $3 per pound.

b. At expiration the long position is expected to deliver 25,000 pounds of copper.

c. The value of the copper futures contract at expiration is $562,500

d. a. The short position on the contract will have a profit of $3 per pound.