Under what circumstance can international joint ventures result in a reduction of overall welfare?

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Expands the existing production capabilitiesAccesses markets that neither partner could reach aloneAchieves cost savings not possible for the parent companiesLeads to a rise in market dominance and powerNone of the above

Explanation

International joint ventures may cause welfare losses when they increase market power, potentially leading to anti-competitive behavior and reduced consumer welfare, rather than simply expanding capacity, entering new markets, or lowering costs.