Among the listed items, which has the lowest price?

Drinks typically have the lowest price on a menu compared to food items like toast, pies, or cereal with milk. This is because beverages are generally less expensive to produce and serve in restaurant settings. In a diner environment like Waffle House, drinks such as coffee, tea, or soft drinks are often priced affordably to encourage customer purchases, especially since they complement meal options.

Additionally, food items like a slice of chocolate pie or a bowl of cereal with milk generally involve higher costs for ingredients and preparation, reflecting in their pricing. Toast, while simple, might also be priced higher than drinks, especially when considering the context of a complete meal or breakfast setting. Thus, drinks represent a lower-cost option for customers looking for refreshments without committing to a higher-priced food item.