Answer:
Administrative delay.
Explanation:
Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.
Licensure can be defined as the recognition (permission to practice) given to an individual by a regulatory agency or government for meeting a set of pre-defined requirements and after passing a license examination.
In this scenario, France gave Excelsior's Limited permission to export its product as long as the company obtained a special license first. Excelsior has been waiting six months for the license and is wondering if it will ever arrive. Thus, Excelsior's Limited is experiencing an administrative delay.
An administrative delay refers to the inability of a local firm to take actions on an application or service within a specific period of time due to circumstances beyond their control.
