Oligopoly: price and non-price competition

A price war: firms keep undercutting each other, and prices and profits fall.
Predatory pricing: a dominant firm deliberately prices so low that a rival cannot survive, then raises prices once it has gone.
Limit pricing: an incumbent keeps its price low enough that new firms with higher costs cannot profitably enter. You met this in the barriers lesson.
Non-price competition: competing on everything except price, such as brand, quality and loyalty schemes.

Asda and supermarket figures: Grocery Gazette and Retail Gazette (March 2025), The Grocer (April 2025), Worldpanel via Eastern Eye (January 2026). Diagrams drawn with Rough.js and perfect-freehand, both MIT licensed. Your answers are saved only on this device.