Ethical relativism implies that a$.$ there are important occasions when local cultural norms and morality and the circumstances of the situation determine whether certain behaviors are right or wrong, for there are no absolutes when it comes to business ethics. b$.$ concepts of right and wrong as applied to business situations are always a function of each company's own set of values, beliefs, and ethical convictions $($as stated in the company's code of ethical conduct$).$O c$.$ individuals and businesses have a basic right to "moral fre space," and it is inappropriate to specify ethically permissible and ethically impermissible actions and behaviors.d$.$ concepts of ethically right and ethically wrong are relative across countries and cultures but are universal within countries or cultures.e$.$ standards of what is ethically right and ethically wrong as applied to business behavior are determined solely by whatever business norms prevail in a particular company's home country and are applicable to its operations in all other countries.