General Tolerance Notes on a Drawing Apply to General as Well

question 13

True/False

General tolerance notes on a drawing apply to general as well as basic dimensions.

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Definitions:

Socially-Optimal Quantity

The level of production and consumption that achieves the largest possible economic efficiency, taking into account the external effects on society.

External Benefit

A benefit gained by individuals or firms not directly involved in a transaction, leading to positive side effects or spillovers.

Private Cost

The direct cost that producers or consumers incur through their actions, not including externalities.

Private Value

Refers to the value that an individual or a private entity assigns to a good or service, based on personal assessment rather than market perception.