Which of the following is the closest example of a perfectly competitive market?

What is the expected outcome when trade occurs in a monopolistically competitive industry if the nations have similar tastes, technology, products, and costs?

a. No trade is possible. b. Consumers are left with no choices. c. Each firm has a larger market in which to sell, and consumers have more choices of sellers and products. d. Transportation costs become the driving factor.

Comparable worth advocates have proposed that employers be required by law to pay wage rates equal to the value of the job. The most telling objection to this proposal is that

A) employers will probably resist strenuously and successfully. B) it is in the interest of employers to adjust their hiring so as to make the value of the job equal to the wage rate that must be paid. C) the government has no legal authority to set wage rates in the private sector. D) this would leave little or nothing for profits.