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definition: grants firms the rights to operate a business where resources are scarce.
- Ex. include radio and television broadcasts - This is regulated by the Federal Communication Commission connected key terms:franchise
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▪ Microsoft & Fuji Xerox. ▪ Microsoft & Canon. ▪ Victoria Secret & NFL. ▪ Lego & Star Wars. ▪ Lego & Warner Bros. ▪ Monopoly & McDonalds. |