Explain the meaning of the following features of the Oligopoly Market :

(a) Non-Price Competition

(b) Few Sellers

a. Noncompetition: An oligopoly firm ignores the price competition. They focus more on the nonprice competition. They adopt a series of policies of aggressive nonprice competition. The products in the oligopoly market must have the same price.

b. Few sellers: There are few but large firms existing in the oligopoly market. These firms have a majority in supply, the ability to control the market price and the quantity of the output.