A price level is a hypothetical measure of overall prices for some set of goods and services, in a given region during a given interval, normalized relative to some base set. Typically, a price level is approximated with a price index.
Read more about Price Level: Theoretical Foundation, Significance
Famous quotes containing the words price and/or level:
“Surely the apple is the noblest of fruits. Let the most beautiful or the swiftest have it. That should be the “going” price of apples.”
—Henry David Thoreau (1817–1862)
“One of the peculiar sins of the twentieth century which we’ve developed to a very high level is the sin of credulity. It has been said that when human beings stop believing in God they believe in nothing. The truth is much worse: they believe in anything.”
—Malcolm Muggeridge (1903–1990)