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In the famous equation M=P K Y, K stands for

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In the famous equation M=P K Y, K stands for :

(1) Fraction of real output held for transaction
(2) Fraction of money supply held by persons
(3) Fraction of money value of output (transactions) held by public
(4) None of the above


Answer - (3) Fraction of money value of output (transactions) held by public. 
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