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:
“The car as we know it is on the way out. To a large extent, I deplore its passing, for as a basically old- fashioned machine, it enshrines a basically old-fashioned idea: freedom. In terms of pollution, noise and human life, the price of that freedom may be high, but perhaps the car, by the very muddle and confusion it causes, may be holding back the remorseless spread of the regimented, electronic society.”
—J.G. (James Graham)
“The low level which commercial morality has reached in America is deplorable. We have humble God fearing Christian men among us who will stoop to do things for a million dollars that they ought not to be willing to do for less than 2 millions.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)