Question

What does market value of a good or service mean

Answer 1

the market price is the current price at which an asset or service can be bought or sold. Economic theory contends that the market price converges at a point where the forces of supply and demand meet.

Answer 2

The meaning of market value is the value of a good, product or service, determined by the supply and demand of the market at a given time. This is the net amount that a seller could get from the sale of said service or product.

Another definition of market value is the estimated amount for which a property could be exchanged between a seller and a buyer in an operation that takes place under conditions of full competition, where participants act without coercion and with full knowledge.