The demand schedule for a commodity illustrates how the consumption of a commodity changes with changes in:

Refer to the scenario above. Tom should submit a bid of ________

A) $150 B) $250 C) $112.50 D) $200

Using the quantity equation, the demand for money can be expressed as

A) M=(V x Y)÷P. B) M =(P x Y)÷V. C) M = (P x V) ÷ Y. D) M x V=(1/P)V x Y.