Price Levels allow us to set infinitely different prices for different customers.
We can also use Price Levels to change the allocation of Loyalty Points.
Price Level can have different discounts / surcharges for different stock categories or items.
You would typically have different Price Levels for different types of customer, for example:
Price Levels can be set up and edited in Items / Price Levels - See Create New Price Level
Price Levels can be allocated to customers in Contacts under the Sales tab - See Allocate a Price Level to a custmer