> A firm with market power chooses a point on the demand curve that it faces. It sets a price as a markup over marginal cost and then produces enough to meet demand at that price. A firm with market power does not take the price as given and then determine a quantity to supply. In fact—strictly speaking—there is no such thing as a supply curve when a firm has market power.

Soda for me is a guilty pleasure, like a good barbecue, or a bottle of red wine. But I appreciate the heads-up!