Pronunciation: /fer ˈmɑrkɪt praɪs/
noun A word that represents a person, place, thing, or idea. In this case, 'price' is a noun that refers to the amount of money that is asked for or paid for something.
A1 I want to buy a new phone at a fair market price.
A2 The seller offered me a fair market price for the used car.
B1 It is important to research and compare prices to ensure you are paying a fair market price for the product.
B2 The real estate agent helped us determine the fair market price for the house we were interested in buying.
C1 The company was accused of manipulating the fair market price of their products to gain a competitive advantage.
C2 The government intervened to regulate the fair market price of essential goods during the economic crisis.
adjective A word that describes or modifies a noun. In this case, 'fair' is an adjective that describes the market price as being just, reasonable, or equitable.
A1 I bought a shirt at a fair market price.
A2 The farmer sold his produce at a fair market price.
B1 The real estate agent ensured the house was listed at a fair market price.
B2 The company conducted a thorough analysis to determine a fair market price for their products.
C1 The auctioneer set the starting bid at a fair market price to attract more buyers.
C2 Investors were pleased with the company's decision to sell shares at a fair market price.
formal The seller is asking for a fair market price for the antique furniture.
informal I think we got a good deal on the car, it was priced at a fair market price.
slang I made sure to haggle a bit to get the item at a fair market price.
figurative In the world of art auctions, fair market price can sometimes be subjective.
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