How much is a market price?
Market price is defined as the price at which a product is sold based on what the market will bear, influenced by factors such as brand strength, competitive dynamics, and consumer perception of value. To determine the market price, base this on an average. Conduct some competitive intelligence and use the information on the pricing pages of other companies to establish the price range customers are willing to pay for your product.
What is a fair market price?
The fair market value is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. United States v. Cartwright, 411 U. S. S. Ct. L. There’s no absolute formula for calculating fair market value. But it is often calculated by averaging the prices of three or more comparable homes, or comps, that have recently sold, Garrity says.