Economist ________________ defined perfect competition as a situation in which price is set by the "market," all firms are price takers, and entries and exits are relatively easy.

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The economist who defined perfect competition as a situation where price is set by the "market," all firms are price takers, and entries and exits are relatively easy is Adam Smith. Michael Porter developed the theory of competitive advantage, John Maynard Keynes developed the theory of macroeconomic management, and Richard Branson is a businessman and entrepreneur.

Economist ________________ Defined Perfect Competition as a Situation in Which