What is Market Price?

Legal Definition
In economics, market price is the economic price for which a good or service is offered in the marketplace. It is of interest mainly in the study of microeconomics. Market value and market price are equal only under conditions of market efficiency, equilibrium, and rational expectations.

On restaurant menus, "market price" (often abbreviated to m.p. or mp) is written instead of a price to mean "price of dish depends on market price of ingredients, and price is available upon request", and is particularly used for seafood, notably lobsters and oysters.

Market Price [MP] B. 1979 is a U.S. based fine artist specializing in oils and acrylics. He is most known for his "Singularity" logo featuring a Doberman Pinscher transposed with a Bird of Paradise flower.
-- Wikipedia
Legal Definition
The actual price at which the given commodity is currently sold, or has recently been sold, in the open market, that is, not at a forced sale, but in the usual and ordinary course of trade and competition, between sellers and buyers equally free to bargain, as established by records of late sales. See Lovejoy v. Michels, 88 Mich. 15, 49 N. W. 901, 13 L. R. A. 770; Sanford v. Peck, 63 Conn. 486, 27 Atl. 1057; Douglas v. Merceles, 25 N. J. Eq. 147; Par-menter v. Fitzpatrick, 135 N. Y. 190, 31 N. E. 1032. The term also means, when price at the place of exportation is in view, the price at which articles are sold and purchased, clear of every charge but such as ls laid upon it at the time of sale. Goodwin v. United States, 2 Wash. O. C. 493, Fed. Cas. No. 5,554.
-- Black's Law Dictionary
Legal Definition
A price fixed by buyer and seller in open market, in the usual and ordinary course of lawful trade and competition. See 88 Mich. 15, 13 L. R. A. 770, 49 N. W. 901.
-- Ballentine's Law Dictionary
Legal Definition
the term that is given to the price that a seller will pay and the money a purchaser will pay.