In the context of verbal representations of one's thoughts and perceptions, the best-fitting example of a category is known as a(n)

The correct answer is "prototype". In the prototype theory a category is defined as the element that is the best fit of it, or the element that first come to mind when the category is mentioned. For example, the category "mammals" could be defined by a chimp instead of a bat (since a bat is the only mammal that can fly and is not the best fit of the category). Another example can be the category "furniture" which could be defined by a chair instead of a stool, since a chair is the first that comes to mind for most people when furniture is mentioned.

trade regulation is a field of law, often bracketed with antitrust (as in the phrase “antitrust and trade regulation law”), including government regulation of unfair methods of competition and unfair or deceptive business acts or practices. antitrust law is often considered a subset of trade regulation law. franchise and distribution law, consumer protection law, and advertising law are sometimes considered parts of trade regulation law.

in general the theory of economics says that the more open to trade a country is the better   the result for the same country and the whole economies.

in real life countries impose taxes, quotas, etc which is not so good for the economies.

this kind of commercial war between the usa and china is slowing down the growth of the whole world so we can say that it is a draw back of trade regulations. and the free trade agreements are benefits of trade regulations.