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Consider the Turkish import market where prices are expressed in terms of Turkish Liras. If the world supply of Turkish imports is perfectly elastic, then a depreciation of the TL
a. Increases the import bill if prive elasticity of import demand is sufficiently high
b. Results in an increase in the TL price of imports which is less than the rate of depreciation.
c. Decreases the import bill if price elasticity of import demand is sufficiently high.
d. Both (a) and (c)

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