Refer to Table 11.2. At the exchange rate of $1.40 per pound, there is an ____ for pounds. This imbalance causes ____ in the price of the pound, which leads to ____ in the quantity of pounds supplied and ____ in the quantity of pounds demanded.
a. excess supply, a decrease, an increase, a decrease
b. excess supply, an increase, a decrease, an increase
c. excess demand, an increase, an increase, a decrease
d. excess demand, an increase, a decrease, an increase
c. excess demand, an increase, an increase, a decrease
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