What is the term for the highest price that a buyer is willing to pay for a financial instrument being quoted?

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The concept being tested is how quotes show what buyers are willing to pay. Buyers signal their maximum price by placing a bid. The bid price is the highest price among all current bids and represents the most a buyer is willing to pay for the instrument right now. This pair of quotes—bid and ask—forms the two-sided view of the market: buyers want to pay at the bid, sellers want to take at the ask. The spread between these two prices shows how tight or wide the market is. The last price is simply the most recent trade, and the market price is a broader term that can reflect the latest trade or the current quoted level, but not specifically the maximum buyer willingness. So the term for the highest price a buyer is willing to pay is the bid price.