Which of the Following Statements Is TRUE Regarding Cultural Relativism

question 30

Multiple Choice

Which of the following statements is TRUE regarding cultural relativism as an approach in international business ethics?

• A)What is right or wrong depends on the culture.
• B)A guide for what is legal and appropriate is the local culture.
• C)Companies should follow the moral norms of the local culture.
• D)All of the above statements are true.

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Definitions:

Consumer Surplus

The variance between the amount consumers are ready to spend on a product or service and the amount they actually spend.

Market Price

The current price at which a good or service can be bought or sold in a marketplace, determined by the supply and demand for that good or service.

Willingness to Pay

The highest sum a person is willing to pay for a product or service, signifying the importance they place on it.

Perfectly Competitive

A perfectly competitive market is one where there are many buyers and sellers, homogeneous products, and no barriers to entry or exit, leading to efficient prices.