What does market value of a good or service mean

The meaning of market value is the value of a good, product or service, determined by the supply and demand of the market at a given time. This is the net amount that a seller could get from the sale of said service or product.

Another definition of market value is the estimated amount for which a property could be exchanged between a seller and a buyer in an operation that takes place under conditions of full competition, where participants act without coercion and with full knowledge.

what are local authorities doing to fix the problem

explanation:

well that depends on how deep the hole is. you'd first go through te crust of the earth, then the upper mantle, then the lower mantle then the outer core, then the inner cor then you'd be stuck in the core to melt.