The difference between Pay the penalty and Pay the price
When used as verbs, pay the penalty means to incur negative consequences of one's deeds, whereas pay the price means to incur the negative consequences of one's decision.
check bellow for the other definitions of Pay the penalty and Pay the price
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Pay the penalty as a verb:
To incur negative consequences of one's deeds; to suffer as a result of some choice.
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Pay the price as a verb:
To incur the negative consequences of one's decision.