Trade barriers and specialized knowledge are both examples of market imperfections.

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Market imperfections refer to situations where the ideal conditions for a perfectly competitive market are not met. Trade barriers, such as tariffs or quotas, limit free trade and distort the market, while specialized knowledge may give certain individuals or firms an advantage over others, creating an uneven playing field in the market. Both of these are examples of market imperfections.

Trade Barriers and Specialized Knowledge Are Both Examples of Market