Which of the following statements about arbitrage and foreign exchange markets are cor- rect? (a) Locational arbitrage ensures that bilateral exchange rates are in equilibrium. (b) Even if quoted exchange rates do not allow arbitrage, banks quoting the lowest offer prices in a currency will attract the bulk of customer purchases in that currency. (c) A bank is in a long EUR and short JPY position when it has purchased EUR and sold JPY. (d) A bank is in a short EUR and short JPY position when it has purchased EUR and sold JPY. (e) A currency cross rate does not involve the domestic currency.