[jachee]

Oh, right. That makes sense. Hence it's that magical point where an ask equals a bid, and thus: trade!

So doesn't that essentially mean that at the point of measurement—that is, a trade occurring—the price is both lowest ask and highest bid?

[ycombobreaker]

Yes, a trade represents an instant in time when a potential buyer and a potential seller agree on a price. The highest bid matches the lowest ask, and then the exchange "matching engine" generates a trade from them.

Instantaneously afterward, the highest remaining bid will be below the lowest ask.

When anyone talks about "the price" of a stock it is an approximation of some sort. Probably they mean the last traded price; maybe the midpoint (bid+ask)/2; maybe the symbol is in the middle of an auction and they mean the auction clearing price.