Which of the following statements is TRUE? A budget constraint illustrates increasing opportunity cost, while a production possibility frontier illustrates constant opportunity cost   A budget constraint shows the limits on an individual’s consumption, while a production possibility frontier shows the limits on an economy’s production.   A budget constraint shows the limits on an individual’s consumption, while a production possibility frontier shows the limits on a business’ consumption or expenses.   A budget constraint is a straight line, while a production possibility frontier has a constant slope

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Which of the following statements is TRUE?

A budget constraint illustrates increasing opportunity cost, while a production possibility frontier illustrates constant opportunity cost
 
A budget constraint shows the limits on an individual’s consumption, while a production possibility frontier shows the limits on an economy’s production.
 
A budget constraint shows the limits on an individual’s consumption, while a production possibility frontier shows the limits on a business’ consumption or expenses.
 
A budget constraint is a straight line, while a production possibility frontier has a constant slope
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