Questions:

Read Richard Meyer's article on "Identifying Over-Priced Journals" that appeared in the July 15, 1996 issue of the Newsletter on Serials Pricing Issues.

1. Is the author correct when he states that price will equal marginal cost in a perfectly competitive market?
2. How convincing is the author's case that the market for professional journals is "sufficiently competitive"? Is it likely that the journal supplier is a "price-taker"?