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

Question

Quizplus · Accepted Answer

Joint costs arise when two or more products are produced together in a single production process. Flour milling involves the production of multiple products such as flour, bran, and germ. Dairy products involve the production of multiple products such as milk, butter, cheese, and yogurt. Commercial fishing involves catching multiple species of fish which can be sold separately. Therefore, all of these industries would most likely have joint costs in production.

Which of the Following Industries Would Most Likely Have Joint