Greeting cards (for birthdays, holidays, "get well" cards, etc.) are an inelastic good (90% of Americans buy them for special occasions) and a $7.5 billion industry dominated by two large companies: Hallmark and American Greetings. In 2017, these two companies alone held approximately 74.6% of the market

However, greeting cards are not difficult to make (even kindergarten children can make them). Over the past decade, the rise of websites like Etsy have allowed thousands of individuals to make and sell their own greeting cards.

Using what you've learned about elasticity and revenue, what do you expect to happen to Hallmark and American Greetings in the next 20 years if they don't respond to Etsy? What kinds of things could they do to prevent that?