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:
“Forced from home, and all its pleasures,
Afric’s coast I left forlorn;
To increase a stranger’s treasures,
O’er the raging billows borne.
Men from England bought and sold me,
Paid my price in paltry gold;
But, though theirs they have enroll’d me,
Minds are never to be sold.”
—William Cowper (1731–1800)
“Why level downward to our dullest perception always, and praise that as common sense? The commonest sense is the sense of men asleep, which they express by snoring.”
—Henry David Thoreau (1817–1862)