Maryanne expects to work for another 30 years and expects to live another 10 years after she retires. If Maryanne completely smooths consumption over her lifetime, her marginal propensity to consume out of permanent increases in income is

Firms may be tempted to cheat on cartel agreements by: a. raising both price and output

b. lowering both price and output. c. raising price and reducing output. d. lowering price and increasing output.

A consumer's demand for a product decreases because other consumers own it. This would reflect: a. A bandwagon effect

b. a positive network externality. c. A snob effect. d. none of the above