Using a simple model of a ring cavity comprising a cubically nonlinear medium, we analyze dispersive optical bistability in the presence of more than one spectral component. We show the phenomenon of so-called competition for resonance. In addition to presenting cavity characteristics for the cases of two and three different frequencies, we also discuss the general method for finding steady-state solutions and checking their stability. A simple and efficient algorithm, based on a relaxation method, is devised to find steady-state solutions satisfying appropriate boundary conditions. The relaxation dynamics is physically related to a finite response time of the medium.