Which of the following represents the concept of market value?

Market value is defined as the price at which a property would sell in a competitive auction setting, under normal conditions. This means it reflects the amount that a seller is willing to accept combined with what a buyer is prepared to pay for that property, assuming both parties are under no undue stress to complete the transaction. This concept emphasizes voluntary participation in the market; both seller and buyer have the freedom to negotiate the price without external pressures.

The other choices, while related to pricing, don't accurately capture the essence of market value. For instance, the price at which goods are auctioned can fluctuate based on many external factors and may not represent a fair market value. The average price over a month offers a snapshot of market activity but does not necessarily represent the specific value of an individual transaction. Similarly, the value determined by a real estate appraiser might reflect specific characteristics and appraisal criteria rather than the open-market dynamics that define market value.