if the money supply is $5,000, velocity is 5, and the quantity of output is 1000 items, what will the price level be in long-run equilibrium?

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04-11-2022
Business

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if the money supply is $5,000, velocity is 5, and the quantity of output is 1000 items, what will the price level be in long-run equilibrium?

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Yogeshkumari Yogeshkumari · Answer 1 · 2022-11-13T15:09:19-05:00

If the money supply is $5,000, velocity is 5, and the quantity of output is 1000 items, the price level will be in 500 in the long-run equilibrium.

Money is any verifiable item or record that is generally accepted to pay for goods and services and to repay debt, such as taxes, in a particular country or socioeconomic context. The main functions that distinguish money are the medium of exchange, the unit of account, the store of value, and sometimes the deferred standard.

Silver has historically been an emerging market phenomenon possessing intrinsic value as a commodity; almost all modern monetary systems are based on fiat money with no use value.

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