Ha, I bet the person who wrote this question was having a field day. Trick question much? I'd say B is the way to go - co-products can be produced independently.
Hmm, I'm not sure about the distinction. I'd say Option D is the best - by-products have a zero inventory value, while co-products are actual products in their own right.
I think the difference is that co-products are planned, while by-products are just a side effect of the main production. Option C seems the most accurate to me.
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