Cutting the Money Supply by One-Third Is Predicted by the Quantity

Multiple Choice

Cutting the money supply by one-third is predicted by the quantity theory of money to cause

A) a sharp decline in real output of one-third in the short run,and a fall in the price level by one-third in the long run.
B) a decline in real output by one-third.
C) a decline in output by one-sixth,and a decline in the price level of one-sixth.
D) a decline in the price level by one-third.