The desire to have a relatively even pattern of consumption over time is known as the

Part $2$

A$.$

conspicuous consumption theory.

B$.$

$$consumption$-$smoothing motive.

C$.$

relative consumption theory.

D$.$

$$life$-$cycle permanent$-$income hypothesis.

Part $3$

If a$$ person's income$$ declines, the$$ consumption$-$smoothing motive suggests that the person will

Part $4$

A$.$

reduce future consumption by the amount of the decline in income.

B$.$

increase future consumption and reduce current consumption.

C$.$

reduce consumption in both the current and future periods.

D$.$

reduce current consumption by the amount of the decline in income.