In a Competitive Foreign- Exchange Market Between the Canadian Dollar

In a competitive foreign- exchange market between the Canadian dollar and the British pound, a price of pounds (in terms of dollars) below the free- market equilibrium would

A) result in a sustained shortage of pounds.
B) lead to a depreciation of the dollar.
C) indicate that all people who wish to purchase pounds will be able to do so at the current exchange rate.
D) result in the quantity of pounds supplied being greater than the quantity demanded.
E) lead to an appreciation of the dollar.