We have multiple cats, and due to the economy we'd like to cut corners on food for them as much as possible without having adverse effects on their health.
Basically can cats do well on a steady diet of dry food--as well with wet food?
Would buying sme higher priced more nutritional food be an answer?
Thanks so much in advance:)

One thing I noticed is when you give a pet strictly wet food and nothing to chew on their teeth decay much faster than if they have hard things to chew. There are a couple posts here on home made dog food as well as lists of things never to feed your dog, not sure what applies to cats

Simply put, yes.
We feed our cats on both, but you must remember to have a plentiful supply of water.

Ours have a bowl of dried food in the morning and then pouches (85grams) of wet food in the evening.
They happily pick at the dried food all day long.

It will take a while to find a brand that they like in the dried food, but once you do your onto a winner.
As for the wet food, don't be tempted to go for the cheapest option as this may well cause them problems. So avoid the really cheap "supermeat" options that are available.

The above answers are both good ones. If you have a male, don't feed him just dry food as he will likely end up with urinary tract problems that could require surgery (and can even be life threatening). Your best bet is, as Curlyben has said, a combination of the two. Give them some canned food in the morning and at dinner time (anywhere from a quarter of a can to a half a can each, with adjustments as you go--less if they're leaving a lot) and let them munch on dry food in between. You can also mix a little extra water into the canned food if they'll go for it. It's also a good idea to rotate brands every so often so that they get a better balance in their diet (and so they don't get sick of just one thing and then stop eating it entirely). I feed each of my cats a total of one smallish can a day, broken into three meals. They're really healthy (good weight, etc.) and they've been happy with the portion size. It also guarantees that they eat some dry (for their teeth, especially) because they do get hungry between meals.

And plenty of clean, fresh water is hugely important. Some cats won't drink much water, though, and for them it's especially important that there's moist food with lots of gravy. Remember that dry food tends to be dehydrating, so the more of they eat the more they need to drink.