When the Mexican peso collapsed in 1994, declining by 37 percent, Multiple Choice U. S. firms that exported to Mexico and priced in dollars were adversely affected. U. S. firms that exported to Mexico and priced in peso were adversely affected, and U. S. firms that exported to Mexico and priced in dollars were adversely affected. U. S. firms were unaffected by the peso collapse, since Mexico is such a small market. U. S. firms that exported to Mexico and priced in peso were adversely affected.