Which of the Following Is a Reason a Firm May

Which of the following is a reason a firm may enter a licensing agreement?

A) Licensing allow firms to enter a foreign market without direct foreign investments.
B) A firm enters a licensing agreement to expand once it has substantial capital.
C) Licensing is the next step a firm must take, after it has established sufficient research and development.
D) Licensing is a technique that firms use when applying management skills and marketing strategies.
E) Licensing agreement is a risk free method to expand in foreign markets.