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Prompt: Suppose the soft drink industry is solely populated by Coca-Cola and Pepsi in terms of firms. Furthermore, suppose that these profit maximizing firms sell similar soft drinks that vary in flavor due to ingredients as well as production methods, where new firm entrance is unlikely due to a high cost for the distribution of soft drinks as well as either Coca-cola or Pepsi buying out new competitors. a) Based upon the prompt, what type of market structure is the soft drink industry? Why? (25pts) b) What are the barrier(s) to entry in the soft drink industry? (25pts) c) At the profit maximizing quantity level for Coca-cola or Pepsi, would we expect the firms to price their soft drinks equal, less than, or greater than marginal cost? Why? (25pts) d) If Coca-Cola and Pepsi had a meeting with one another that led to both restricting the number of soft drinks they both produced as well as increasing the price on their soft drinks to an agreed upon price, what would happen to industry profits as a result of these changes? Additionally, what type of market structure are Coca-Cola and Pepsi trying to mimic with their new changes? (25pts)