Implicit Costs Are Costs That Affect Others External to a Choice

question 13

True/False

Implicit costs are costs that affect others external to a choice or a trade.

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Definitions:

Working Drawings

Detailed drawings that provide the specifications required to construct a project, including dimensions, materials, and assembly instructions.

Detail Drawing

A comprehensive, scaled drawing that provides complete information for the fabrication or construction of a part or assembly.

Assembly Drawing

An assembly drawing is a technical drawing that shows the components of a product or structure and how they fit together, often including a bill of materials and assembly instructions.

Orthographic Projection

A method of representing three-dimensional objects on a two-dimensional surface where the object is viewed from orthogonal or perpendicular angles.