According to this article: http://support.microsoft.com/kb/956893
This was the case with SQL 2012 Standard Edition when running in a Hyper-V VM:
Q7: Is Hyper-V Dynamic Memory supported for SQL Server?
A7: Hyper-V Dynamic Memory is fully supported with SQL Server. Only SQL Server versions and editions that support Hot Add Memory (Enterprise and Datacenter) can see memory that is added by using Hyper-V Dynamic Memory. SQL Server 2012 Standard edition also recognizes Hot Add memory when running in a virtual enviroment. SQL Server versions that do not support Hot Add Memory are still supported. But these versions will detect only the memory that is present in the operating system when SQL Server starts.
I setup SQL 2014 Standard Edition in a VM and set it to Dynamic Memory, and just realized that Standard Edition does not support Hot Add Memory. However, this support article contradicts that, but only mentions SQL 2012.
Is anyone aware of the real answer to this question? I just need to know how to configure the memory for my VM to make it run optimally.