Which three of the following are characteristics of Modigliani's 'Life Cycle Hypothesis'? a) Consumption is seen as a constant proportion of long-run average (lifetime) income b) Consumers try to even out their consumption expenditures over a lifetime in which income fluctuates widely c) Consumers base their expenditure on the level of disposable income actually received at any point in their life cycle d) In youth and old age, when income is low, consumption is maintained by borrowing or by drawing on past savings respectively, so that consumption is a high proportion of income e) In middle life, when income is relatively low, a higher proportion is consumed, with savings being run down Group of answer choices a), c) and d) a), b)