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 cannot think of punishing him ... merely for coveting that liberty for which we have paid the price of so much blood, and have proclaimed so often to be the right, and worthy pursuit of every human being.”
—James Madison (1751–1836)
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—Mark Twain [Samuel Langhorne Clemens] (1835–1910)