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:
“A bargain is in its very essence a hostile transaction ... do not all men try to abate the price of all they buy? I contend that a bargain even between brethren is a declaration of war.”
—George Gordon Noel Byron (1788–1824)
“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)