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Stephen Hymer, the main proponent of the Imperfect Competition Theory, argues that because of all the disadvantages the MNCs experience as a result of being in a foreign country, they can compete successfully only if they have advantages over the local firms. These advantages are generally superior technology and management abilities. Both of these advantages translate into superior product development, new and more efficient production processes, and better marketing methods. These advantages tend to distort the market mechanism and make it less perfectly competitive.
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