A firm produces products for which substitute products are produced in all countries. Depreciation of the firm's local currency should:

a. ?decrease the firm's exports denominated in the local currency.

b. ?none of the above

c. ?decrease local sales as foreign competition in local markets is reduced.

d. ?decrease the returns earned on the firm's foreign bank deposits.

e. ?decrease the firm's cash outflow required to pay for imported supplies denominated in a foreign currency.