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.
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Famous quotes containing the words price and/or level:
“They give us a pair of cloth shorts twice a year for all our clothing. When we work in the sugar mills and catch our finger in the millstone, they cut off our hand; when we try to run away, they cut off our leg: both things have happened to me. It is at this price that you eat sugar in Europe.”
—Voltaire [François Marie Arouet] (1694–1778)
“As the tragic writer rids us of what is petty and ignoble in our nature, so also the humorist rids us of what is cautious, calculating, and priggish—about half of our social conscience, indeed. Both of them permit us, in blessed moments of revelation, to soar above the common level of our lives.”
—Robertson Davies (b. 1913)