Using volumetric averaged equations from a two-fluid model, this study theoretically investigates linear pressure wave propagation in a quiescent liquid with many spherical gas bubbles. The speed and attenuation of sound are evaluated using the derived linear dispersion. Mono- and poly-disperse bubbly liquids are treated. To precisely describe the attenuation effect, some forms of bubble dynamics equations and temperature gradient models are employed. Focusing on the dissipative effect, we analyze the stop band that occurs in the linear dispersion relation. In the two-fluid model, even if the dissipation effect is considered, the inconvenience that the wavenumber diverges to infinity in the resonance frequency cannot be resolved. Additionally, the validity of terminating that wavenumber value in the middle of the frequency is demonstrated. To determine a linear dispersion relation that can exactly predict thermal conduction and acoustic radiation, wave propagation velocities and attenuation coefficients are compared with some experimental data and existing models. The results show that thermal conduction and acoustic radiation should be set appropriately to accurately predict the propagation velocity and attenuation except in the high frequency range, the phase velocity in the resonance frequency range, or the attenuation in the high frequency range.