Walmart is a leading retail chain in the free market and its business model has been able to adapt to innovation and disruption from competitors like Amazon & Target. Demands of the market can be identified by 4 types: Perfectly competitive; pure monopoly; oligopoly; and monopolistic competitive. Of these four types by which does walmart operate under? Is the firm’s demand curve relatively elastic or relatively inelastic? Explain how
Explain the elasticity of Walmart opposed to one of its competitors. Differentiate how walmarts demand curve and amazon demand curve are similar and how they may contrast depends on the type of market demands.How does elasticity effect the firm’s control over its price?