What are the main disadvantages of licensing and management contracts compared to producing abroad?

	a.	license fees are likely to be lower than FDI profits, although the return on the marginal investment might be higher.
	b.	Possible loss of quality control and establishment of a potential competitor in third-country markets
	c.	Possible loss of opportunity to enter the licensees market with FDI later and Risk that technology will be stolen and high agency costs
	d.	All of the above