What is the proper response to thank you?

Hello there, I'm curious to know, when someone expresses their gratitude to us by saying "thank you," what would be the most fitting and considerate way to acknowledge their appreciation? Is there a standard response that is universally recognized as polite and appropriate, or does it vary depending on the situation and the relationship between the individuals involved? I'm interested in learning the nuances of this social etiquette, especially in today's diverse and globalized society.