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Which of the following explains why the demand for money is proportionate to PY where P is the price level and Y is the GDP?

Which of the following explains why the demand for money is proportionate to PY where P is the price level and Y is the GDP? Check all that apply.

a. Money is a store of value

b. Holding money has an opportunity cost

c. Demand for money rises with the volume of transactions

d. Money is a medium of exchange

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