Q. When Maurice Kendall examined the patterns of stock returns in 1953 he concluded that the stock market was __________. Now, these random price movements are believed to be _________. (Solved)

1. inefficient; the effect of a well-functioning market

2. efficient; the effect of an inefficient market

3. inefficient; the effect of an inefficient market

4. efficient; the effect of a well-functioning market

  • a. inefficient; the effect of a well-functioning market
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