Anyone who's ever uttered this word in my presence already knows I'll either scream or tense up at the mere mention of the word CHEAP in relation to price. This may be because I cut my teeth under a newspaper publisher who would never allow the word to crop up in his paper's ads. Or maybe it's because anyone who has ever asked me for the "cheapest" list or to process a mailing "as cheap as possible" has never amounted to more than a short-term client. Looking for the "cheapest" way is a sure sign of a client who wants the best quality without paying for it. Or someone who will travel from supplier to supplier regardless of how good a job you do. Not worth killing yourself -- at a lower price -- when you know you're not building up a potential for future business.
Whenever someone asks me if my prices are cheap, I'll immediately (tactfully, though) correct them and say that the rates aren't cheap ... they're inexpensive (even if they are the cheapest around). And using the word inexpensive allows me to compare the value of my service against what my competition (who may be more or less expensive) is charging. Using the word inexpensive rather than "cheap" gives me a better bargaining chip ... I can sell value to make my prices the best overall buy, even if I'm a little more expensive than the next company.