What I'm really asking is, at 50mm f/8 let's say, will a higher priced lens produce better overall quality than a less expensive one (same manufacture)?
Not necessarily. I mean, are we talking about 50mm primes here? Or including any zoom lens that covers 50mm? A fast zoom is going to cost a lot more than a fast 50 prime, but it probably won't give better quality at 50mm.
Also consider that a 50mm f/1.2 is going to cost a lot more than a f/1.4 or f/1.8. It won't necessarily produce a better image though, because what you're paying for is primarily the unusually large max aperture, not the overall quality of the images it can produce. Another example would be to compare Canon's 70-200mm f/4 with their f/2.8. The f/2.8 costs more to make, and has the obvious speed advantage, hence it costs a lot more. But if anything, the slower lens here may actually produce better image quality than the faster one.
It's easy to think in terms of "You get what you pay for"... and you do, but you're not
only paying for optical quality. Generally you pay more for good zooms than good primes. Sometimes you pay for build quality and quality control, sometimes you pay for speed, and sometimes you pay for unique features that don't have much to do with the optical quality of the lens.
In other words higher price is usually an indicator of "better" glass but it's definitely not a guarantee of it... if optical quality is your priority then I wouldn't choose lenses by the highest price
alone (unless you have money coming out your ears

). Some of the better review sites like Photozone are a good way to check the qualities of each lens, and user comments on sites like FredMiranda can be helpful (but are usually far from objective).