A Borrowing Constraint Refers to

A borrowing constraint refers to

A) the spending of money balances on hand or the liquidation of financial or real assets to finance spending that exceeds current receipts.
B) the financing of spending that exceeds current receipts by expanding either debt or equity.
C) the increase in a firm's liabilities that is equal to the increase in assets held minus retained earnings.
D) the impediment to continuous borrowing that may come from the lender's unwillingness to keep lending or the borrower's unwillingness to keep borrowing.