Initially, the exchange rate between Macedonian denars and Canadian dollars is in equilibrium. Then, there is a decrease in demand for Canadian dollars. As a result of a decrease in demand for Canadian dollars, what happens to Macedonia's currency in relation to Canada's currency?
a. no change in Macedonian denars
b. an appreciation in Macedonian denars
c. a depreciation in Macedonian denars
Also, as a result of a decrease in demand for Canadian dollars, what happens to Canada's currency in relation to Macedonia's currency?
a. a depreciation in Canadian dollars
b. no change in Canadian dollars
c. an appreciation in Canadian dollars
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