A "fair price" refers to a price that is reasonable and justifiable for both the buyer and the seller. It reflects the value of a product or service based on factors like quality, demand, and market conditions. A fair price ensures that the seller can cover costs and make a profit while the buyer feels they are receiving good value for their money. In many markets, determining a fair price involves comparing similar products or services. For example, when purchasing a car, buyers often research prices from different dealerships to find a fair deal. This process helps ensure that both parties are satisfied with the transaction.