Which of the following is a type of market value?

Scrap value is a type of market value that refers to the estimated amount that an asset could be sold for at the end of its useful life when it is no longer in use. It represents the residual value that a company expects from its tangible assets, such as machinery or equipment, after taking into account depreciation and wear and tear. The scrap value is typically calculated based on the potential return if the items were to be sold for parts or raw materials, thus providing an important insight into the overall economics of asset management.

Fair value also signifies a market-based estimation, often used in accounting to denote the price at which an asset could be sold in an orderly transaction between market participants. However, in the context of typical definitions of market value, scrap value distinctly reflects the post-use financial aspect of physical assets, which may be why it was chosen as the answer.

While book value pertains to the value of an asset as recorded on the balance sheet, it may not always reflect current market conditions or asset liquidity. Operating cost, on the other hand, relates to ongoing expenses involved in operating an asset or business and does not represent market value.