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Many persons object to the results of the competitive market system because
Variable Costs
Expenses that vary directly with changes in production volume or service levels.
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.
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