Licensing is best described as

a method that involves giving a foreign manufacturer the right to use a patent, technology, production process, or product in return for the payment of a royalty.

an equity partnership that involves selling patents to foreign governments.

a method of doing international business whereby a foreign entrepreneur supplies the manufacturing technology or infrastructure for a business and then turns it over to local owners.

a nonequity method of international business in which an entrepreneur contracts his or her management techniques and skills to a $($foreign$)$ purchasing company.