An international joint venture is $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.$

Group of answer choices

an alliance of companies pooling resources to deliver a turnkey project.

a unique form of licensing in which a partner, called the franchisee, is given the right to use the franchisor's brand and other intellectual property, while the franchisor takes an active role in the ongoing operations of the firm such as advertising, training staff, and inventory management.

a new legal entity created and owned by two or more existing companies from different countries.

the process of producing a good or service in one country and selling it in another country.