What does the Quantity Theory of Money (QTM) imply? Explain the broad functions of money.

The Quantity Theory of Money (QTM) is a fundamental concept in classical economics that explains the relationship between the quantity of money in an economy and the level of prices of goods and services. At its core, the theory implies that, all other factors being constant, an increase in the money supply leads to a proportional increase in the price level. This theory is most famously expressed through the equation of exchange:

MV = PT,
where M is the quantity of money, V is the velocity of money (the number of times a unit of money circulates in the economy within a given period), P is the general price level, and T is the volume ____ ___ ___ _________ ____ ______ _______.
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