Giant oil companies such as BP (British Petroleum) and ExxonMobil are engaged in oligopoly competition.

Name: Giant oil companies such as BP (British Petroleum) and ExxonMobil are engaged in oligopoly competition.
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Question

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Oligopoly competition refers to a market situation where a few large firms dominate the industry. BP and ExxonMobil are two of the largest oil companies in the world and therefore, are involved in oligopoly competition.

Giant Oil Companies Such as BP (British Petroleum) and ExxonMobil