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:
“By all those, who are not much acquainted with him, he was considered infinitely below his level; he put no price upon himself, and consequently went at an undervalue; for the world is complaisant or dupe enough, to give every man the price he sets upon himself, provided it be not insolently and overbearingly demanded. It turns upon the manner of asking.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“Why level downward to our dullest perception always, and praise that as common sense? The commonest sense is the sense of men asleep, which they express by snoring.”
—Henry David Thoreau (1817–1862)