A form of licensing in which a foreign firm buys the rights to use another's name and operating methods in its home country is called ___.

A) a licensing agreement
B) franchising
C) a joint venture
D) outsourcing
E) a strategic alliance

Franchising involves a foreign firm buying the rights to use another's name and operating methods in its home country. Licensing agreement refers to an agreement where one company allows another company to use its technology, patents, or trademarks for a fee. Joint venture is a partnership between two or more companies to share resources and risks in a particular project or business. Outsourcing involves hiring a third-party company to perform a specific task or function. Strategic alliance involves a partnership between two or more companies to pursue a specific goal or objective while retaining their independence.