Consider the supply-demand framework for the British pound relative to the U.S. dollar shown in the following chart. The exchange rate is currently $1.80 = 1.00. Which of the following is correct?

a.	At an exchange rate of $1.80 = 1.00, supply for British pounds exceeds demand.
	b.	Under a flexible exchange rate regime, the U.S. dollar will depreciate to an exchange rate of $1.90 = 1.00.
	c.	At an exchange rate of $1.80 = 1.00, demand for British pounds exceeds supply.
	d.	At an exchange rate of $1.80 = 1.00, demand for British pounds exceeds supply. Additionally, under a flexible exchange rate regime, the U.S. dollar will depreciate to an exchange rate of $1.90 = 1.00.

Dollar price per pound (exchange rate) $1.90 $1.80 QA S D=S