What is a joint product?
A) Any product that consists of several parts.
B) Any product produced by a firm with more than one product line.
C) Any product involved in a make or buy decision.
D) One of several products produced from a common input.

Question

Quizplus · Accepted Answer

A joint product is one of several products produced from a common input, where each product has a separate market. Therefore, option D is the correct choice. Option A is incorrect because a product that consists of several parts is a composite product. Option B is incorrect because a firm with more than one product line produces multiple products, but not necessarily joint products. Option C is incorrect because a make or buy decision is related to whether a firm should produce a product in-house or outsource it, and is not necessarily related to joint products.

What Is a Joint Product