Which of the following industries would most likely have joint costs in production?

Question

Quizplus · Accepted Answer

Joint costs are costs incurred in producing multiple products simultaneously from the same raw materials or production process. Both oil production and meat processing involve the production of multiple products (for example, crude oil and gasoline, or beef, steak, and ground beef) from the same raw materials or production process, which makes them industries that are most likely to have joint costs in production. New home construction, on the other hand, typically involves the creation of a single product (a house) and does not involve joint costs.

Which of the Following Industries Would Most Likely Have Joint