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.
Read more about Price Level: Theoretical Foundation, Significance
Famous quotes containing the words price and/or level:
“Who makes ends meet, who’s taking the knock,
Government tariffs, wages, price of stock.
Smoke hangs under the light.”
—Philip Larkin (1922–1986)
“Those who profess contempt for men, and put them on a level with beasts, yet wish to be admired and believed by men, and contradict themselves by their own feelings—their nature, which is stronger than all, convincing them of the greatness of man more forcibly than reason convinces them of his baseness.”
—Blaise Pascal (1623–1662)