Walmart operates retail units in 27 countries, spread across multiple continents. Target, on the other hand, operates retail stores in United States only, although it has offices in foreign countries. All else being equal, this difference provides an advantage to Walmart due to geographical diversification means that international environment is irrelevant for Target proves that Target faces higher liability of foreignness provides an advantage to Target due to international arbitrage Which of the following is an advantage of vertical integration? unbalanced production greater market power greater flexibility greater capital requirement