What is the aspect of imperfect competition that is most distinct from perfect competition?

Suppose that production of steel in the United States involves negative externalities. Now suppose that U.S. tariffs on steel imports are eliminated and U.S. imports of steel increase. What effect does the elimination of these tariffs have on total social costs associated with steel production in the United States?

a. Total social costs will increase. b. They will not change. c. They will decrease. d. They will increase butc. They will decrease. may be smaller than the private gains from increased steel imports.

Which of the following products would be sold in a competitive market?

A) smartphones B) shoes C) Brent crude oil D) motorcycles