Soon after gast purchased a used auto from a chevrolet dealer, he experienced a series of mechanical problems with the car. gast refused to make further payments on the bank note that had financed the purchase. the bank took possession of the automobile and sold it. gast then brought an action against the dealer, alleging that he had revoked his acceptance. was gast correct? explain your answer. [gast v. rodgers-dingus chevrolet, 585 so. 2d 725 (miss.)]

When the federal reserve buys and sells bonds to member banks, it is called a. monetary policy b. reserve ratio c. interest rate adjustment d. open market operations

Varto company has 9,400 units of its sole product in inventory that it produced last year at a cost of $23 each. this year’s model is superior to last year’s, and the 9,400 units cannot be sold at last year’s regular selling price of $42 each. varto has two alternatives for these items: (1) they can be sold to a wholesaler for $8 each, or (2) they can be reworked at a cost of $251,100 and then sold for $34 each. prepare an analysis to determine whether varto should sell the products as is or rework them and then sell them.

Which of the following is correct? a. a tax burden falls more heavily on the side of the market that is more elastic.b. a tax burden falls more heavily on the side of the market that is less elastic.c. a tax burden falls more heavily on the side of the market that is closer to unit elastic.d. a tax burden is distributed independently of the relative elasticities of supply and demand.