Explain the meaning of each of the transaction levels supported by SQL Server.

The strictest isolation level is SERIALIZABLE. With it, SQL Server places a range lock on the rows that have been read. This level is the most expensive to use and should only be used when absolutely required. The next most restrictive level is REPEATABLE READ, which means SQL Server places and holds locks on all rows that are read. It is possible to make dirty reads by setting the isolation level to READ UNCOMMITTED, which is the least restrictive level. READ COMMITTED is the default isolation level.