Answer :
Final answer:
Nonprice competition involves distinguishing products without relying on price alone to attract customers and maintain market power.
Explanation:
Nonprice competition is a strategy used by firms in oligopolistic markets to distinguish their products from competitors without solely relying on price adjustments. By focusing on aspects such as product differentiation, firms aim to attract customers and build barriers to entry for new competitors. This approach helps maintain market power and stimulates innovation and creativity in product offerings.
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