Final answer:
Market value is the fair value of assets that a willing buyer would pay to acquire them in the open market.
Step-by-step explanation:
The fair value of assets that a willing buyer would pay to acquire them is known as market value. Market value is an estimation of the price that a buyer would be willing to pay in the open market, considering factors such as supply, demand, and competition. It is an important concept in finance and accounting, as it helps determine the worth of an asset or investment.