Under GAAP, market values based on quoted prices in active markets for identical securities are called:

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Level 1 measurements, also known as fair value hierarchy, are based on quoted prices in active markets for identical securities. This is the most reliable and objective type of market value measurement under GAAP. Level 2 measurements are based on observable market data other than quoted prices for identical securities, while Level 3 measurements are based on unobservable inputs such as management's assumptions and estimates.

Under GAAP, Market Values Based on Quoted Prices in Active