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Card 6 / 10: What are the similarities between a consumer's budget constraint and society's production possibilities frontier, not just graphically but analytically?
Answer:
Both the budget constraint and the PPF show the constraint that each operates under. Both show a tradeoff between having more of one good but less of the other. Both show the opportunity cost graphically as the slope of the constraint (budget or PPF).
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Microeconomics, OpenStax-CNX Web site. Download for free at http://cnx.org/content/col11613/latest
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