The closing market price is the recorded last price of the trading day, and is also influenced by supply and demand. (proshares.com)
The market will bear what the consumer wants to spend, but it will also — as you mentioned — bear the first / last price consumers see. (dearauthor.com)
For example, a call option on a stock whose last price is 52 with a strike price of 45 has 7 dollars of real, intrinsic value. (us.etrade.com)