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:
“I would rather have as my patron a host of anonymous citizens digging into their own pockets for the price of a book or a magazine than a small body of enlightened and responsible men administering public funds. I would rather chance my personal vision of truth striking home here and there in the chaos of publication that exists than attempt to filter it through a few sets of official, honorably public-spirited scruples.”
—John Updike (b. 1932)
“It is only for a little while, only occasionally, methinks, that we want a garden. Surely a good man need not be at the labor to level a hill for the sake of a prospect, or raise fruits and flowers, and construct floating islands, for the sake of a paradise. He enjoys better prospects than lie behind any hill. Where an angel travels it will be paradise all the way, but where Satan travels it will be burning marl and cinders.”
—Henry David Thoreau (1817–1862)