The Belief That All Humans Are Born with Equal Potential

question 56

Multiple Choice

The belief that all humans are born with equal potential to learn and achieve is known as:

• A)latent potential
• B)equipotentiality
• C)shared potential
• D)biopotentiality

---

Definitions:

Explicit Costs

Direct, out-of-pocket payments made for the operation of a business, such as wages, rent, and materials.

Accounting Profits

The difference between total revenues and explicit costs, representing the net income reported on a company's financial statements.

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.