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