Final answer:
Market price refers to the most probable price a well-informed buyer would pay for a property that has been on the market for a reasonable period of time.
Step-by-step explanation:
The most probable price a well-informed buyer would pay for a property that has been on the market for a reasonable period of time is a good definition of market price. Market price refers to the price at which buyers are willing to pay for a particular good or service, based on factors such as demand, supply, and perceived quality. In a market with imperfect information, buyers often use the market price as a signal of the product's quality. For example, a higher price may be associated with higher quality, while a lower price may be associated with lower quality.