Which of the Following Statements Is True of Licensing Arrangements

Which of the following statements is true of licensing arrangements?

A) Licensing requires international businesses to make direct foreign investment to enter foreign markets.
B) Licensing agreements are applicable only to patents, copyrights, and trademarks, and not to manufacturing processes.
C) Licensing agreements must follow the local laws where they operate.
D) Licensing risks are greater than the risks associated with foreign direct investment.
E) Licensing technology requires substantial capital to expand a company's market.