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Fair Value Measurements What is a principle market? The market with the greatest volume or greatest activity for assets or liabilities. (THINK the market with the most products). How do you determine fair value when there is no principal market? You determine fair value that does not have a principal market by using the most advantageous market. What is fair value? The price that would be received to sell an asset or paying off a liability in an orderly transaction in the principle market (or mo...