Before revision:  The largest price the buyers on the book are willing to pay to buy the security is called the market bid price, and the smallest price the sellers on the book are willing to receive to sell the security is called the market ask price.
After revision:  The largest price buyers on the book are willing to pay to buy the security is called the market bid price, and the smallest price the sellers on the book are willing to receive to sell the security is called the market ask price.