A joint venture refers to
A. exporting through an intermediary, which often has the knowledge and means to succeed in selling a firm's products abroad.
B. when a foreign company and a local firm invest together to create a local business.
C. offering the right to a trademark, patent, trade secret, or similarly valued items of intellectual property in return for a royalty or fee.
D. contracting with a foreign firm to manufacture products according to certain specifications.
E. having a company handle its own exports directly, but using intermediaries for importing.
Answer: B
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