Few firms :-
Under Oligopoly, there are a few large firms although the exact number of firms is undefined. Also, there is severe competition since each firm produces a significant portion of the total output.
(ii)Non-Price Competition :-
Firms try to avoid price competition due to the fear of price wars and hence depend on non-price methods like advertising, after sales services, warranties, etc. This ensures that firms can influence demand and build brand recognition.
