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:
“If there is a price to pay for the privilege of spending the early years of child rearing in the driver’s seat, it is our reluctance, our inability, to tolerate being demoted to the backseat. Spurred by our success in programming our children during the preschool years, we may find it difficult to forgo in later states the level of control that once afforded us so much satisfaction.”
—Melinda M. Marshall (20th century)
“Ambivalence reaches the level of schizophrenia in our treatment of violence among the young. Parents do not encourage violence, but neither do they take up arms against the industries which encourage it. Parents hide their eyes from the books and comics, slasher films, videos and lyrics which form the texture of an adolescent culture. While all successful societies have inhibited instinct, ours encourages it. Or at least we profess ourselves powerless to interfere with it.”
—C. John Sommerville (20th century)