Question: As explained in the text, economists commonly make an aggregation assumption that supposes there are only two forms in which to hold wealth: money and

As explained in the text, economists commonly make an aggregation assumption that supposes there are only two forms in which to hold wealth: money and nonmonetary assets. The demand for money depends positively on the level of real income. How is the demand for nonmonetary assets affected by the level of income? Explain.

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