Cutting the money supply by 1/3 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.