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 21.2 Refer to Figure 21.2.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.