Question

State the difference between 'price' and 'general price'.
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Note:
*Answer should be based on your own knowledge.
*Copying answer from other sites aren't allowed!
*Explain answer as much as you can.
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Answer 1

Explanation:

The general price level is a hypothetical measure of overall prices for some set of goods and services (the consumer basket), in an economy or monetary union during a given interval (generally one day), normalised relative to some base set.

A price is the quantity of payment or compensation given by one party to another in return for one unit of goods or services. A price is influenced by production costs, supply of the desired item, and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions.