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The Fed buys $400 in bonds, half from the public and half from the banking system, which means the quantity of reserves
Joint Products
Products that are produced simultaneously from the same process or batch of raw materials.
Split-off Point
The stage in a joint production process where distinct products become separately identifiable.
Joint Costs
Costs that are incurred up to the split-off point in a process that produces joint products.
Vertically Integrated
A business structure where a company controls multiple stages of production or distribution within the same industry.
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