Terms which refer to prices offered and expected in a given market such as a commodities market in which buyer and seller can negotiate a price. Asked price is usually considered to be the average of all prices asked by parties offering to sell at a given time, also referred to as the selling price or offer price. Bid price is the average of all prices asked by buyers at a given time, also referred to as purchase price. Since bidders don't buy unless the price is agreeable, purchase price has become synonymous with actual price paid.