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What is a price level?

What is a price level? Here are some definitions.

Noun
  1. (economics) An index of the average market price of selected goods weighted according to certain criteria.
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Examples
The construction of price indices is an attempt at the impossible mission of establishing a nonexistent price level.
Japan's price level could well have fallen even more absent the monetary ease.
He appeared to assume that railroad costs would move coincidentally with the general price level and that lags in the adjustment did not occur.
It is important to make a distinction between movements in prices of any individual good or ser vice and movements in the general price level.
The size of the initial margin deposit will vary by type of livestock futures contract and the price level.
Finally, we have the average price level, which is an index of average prices expressed in monetary units.

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