According to the school of ethical relativism:

Question

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The school of ethical relativism argues that there are no universal standards of ethical right and wrong, and that local cultural norms and the circumstances of the situation determine what is right or wrong. This suggests that ethical standards may vary across different countries and cultures, and that there are no absolutes in business ethics. Option A is incorrect as it suggests that ethical concepts are universal within countries or cultures. Option B is incorrect as it suggests that there should be no specification of permissible and impermissible ethical behavior, which is not supported by ethical relativism. Option D is incorrect as it suggests that business ethics are solely determined by a company's own set of values, without taking into account external cultural and situational factors. Option E is incorrect as it suggests that ethical norms are solely determined by the prevailing norms in a country or culture, which is a limited view of ethical relativism.

According to the School of Ethical Relativism