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Suppose that two soft drink manufacturers, Fizzy Pop and Spritzy Soda, agree to charge the same prices for their soft drinks. This practice is
Industry
A sector of the economy characterized by a specific type of activity or product, such as manufacturing, technology, or services.
Firms
Business organizations that produce goods or provide services with the aim of making a profit.
Resources
Assets, materials, and inputs needed for the production of goods and services, including natural, human, and capital resources.
Market System
A market-based economic system where decisions about investment, production, and the allocation of goods are driven by the dynamics of supply and demand, with goods and services' prices being freely determined.
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