The Figure Below Shows the Demand (D) and Supply (S)

Multiple Choice

The figure below shows the demand (D) and supply (S) curves of cocoa in the U.S.Figure 21.4

-When the exchange rate fluctuates around a fixed central target, allowing for a moderate amount of fluctuation, while tying the currency to the target central rate, the exchange rate is under a(n) :

A) horizontal band.
B) crawling peg.
C) managed float.
D) independent float.
E) currency board.