From 2008 to 2009, the total revenue Chevron earned from all of its operations declined by more
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From 2008 to 2009, the total revenue Chevron earned from all of its operations declined by more than 50 percent, while its expenditures on oil exploration remained unchanged. If the firm was suffering from declining sales of gasoline and other products during the recession, why would it maintain its spending on exploring for additional oil?
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Firms engage in oil exploration based on their forecasts of future crude oi...View the full answer
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