The Figure Given Below Depicts the Foreign Exchange Market for British

Multiple Choice

The figure given below depicts the foreign exchange market for British pounds traded for U.S. dollars.Figure 22.2

-Refer to Figure 22.2. At the initial equilibrium point, with demand curve D and supply curve S₁:

A) the price of dollar per British pound is $1.50 and the quantity of British pounds being traded is 225.
B) the price of dollar per British pound is $1.60 and the quantity of British pounds being traded is 225.
C) the price of dollar per British pound is $1.60 and the quantity of British pounds being traded is 300.
D) the price of dollar per British pound is $1.75 and the quantity of British pounds being traded is 350.
E) the price of dollar per British pound is $1.75 and the quantity of British pounds being traded is 300.