Which of the following is the definition of fair value per IFRS 13?

Select one:

a. A transaction that assumes exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction (eg a forced liquidation or distress sale).

b. The price that would be received to sell an asset or paid to transfer a liability.

c. The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

d. The amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arms length transaction