Homographs, homonyms and homophones might make the English language funny and intriguing, but beyond a shadow of a doubt, they give a tough time to learners who don’t have English as their native language. Even native speakers, at times, tend to struggle with them, but being native, they are naturally inclined to understand them without having to get into the nitty-gritties. However, when they face challenges, they do try to seek help from reliable sources.
While ‘price’ denotes the cost of something, ‘prize’ denotes ‘an award offered or won in a competition’. Interestingly, when used as a noun, ‘price’ can also mean ‘a reward offered for capturing or killing a criminal or terrorist’.