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The Economist magazine reported the price of a Big Mac hamburger in Norway was 52...

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Finance

The Economist magazine reported the price of a Big Mac hamburger in Norway was 52 krone on July 15, 2020. The price of a Big Mac hamburger was 5.71 dollars in the United States. At that time, 1 United States dollar was equivalent to 9.37 krone. The krone was:

a.

overvalued and should have depreciated in value.
b.

undervalued and should have appreciated in value.
c.

undervalued and should have depreciated in value.
d.

overvalued and appreciated in value.

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