Final answer:
The most likely price at which a property should sell on an open market is known as the market value. It reflects the point where quantity demanded by buyers meets quantity supplied by sellers, unlike a price ceiling or price floor, which are legal price controls.
Step-by-step explanation:
The most likely price at which a property should sell within a reasonable time on an open market under all conditions requisite to a fair sale is known as the market value. Market value is what a buyer pays for a unit of the specific good or service, reflecting the balance between quantity demanded by buyers and quantity supplied by sellers. In contrast, a price ceiling is a legal maximum price set below the market value to prevent prices from rising too high, while a price floor is a legal minimum price set above market value to prevent prices from falling too low. The listing price is the price the seller is asking for the property, which can be above or below the market value. A reserve price is the minimum price the seller is willing to accept for an auctioned item, which may or may not align with the market value.