Final answer:
The term synonymous with an option's market value is the Premium. Premiums reflect many market factors and are distinct from the multiplier, strike price, and exercise price.
Step-by-step explanation:
The term synonymous with an option's market value is C) Premium. The premium is the price a buyer pays to the seller for the option. It reflects the market's perception of the value of the option which is influenced by factors such as the underlying asset's current price, the strike price, time to expiration, volatility, interest rates, and dividends.
The multiplier is a factor that determines the total premium cost for the option contract, usually representing the number of shares one option contract covers. The strike price or exercise price is the fixed price at which the holder of the option can buy (in the case of a call option) or sell (in the case of a put option) the underlying asset when exercising the option.