33. Suppose that last month the U.S. dollar was trading on the foreign-exchange market at 0.85 euros per dollar. Today the U.S. dollar is trading at 0.88 euros per dollar. (LO3)

a) The dollar has depreciated and the euro has appreciated.

b) The euro has depreciated and the dollar has appreciated.

c) Both the euro and the dollar have appreciated.

d) Neither the euro nor the dollar have depreciated.