Yes. You can create multiple separate membership products, each with their own name, price, benefits, and billing settings.
There are 2 common reasons for setting up multiple Memberships with different pricing.
Age and stage: Adult, Junior, Concession.
Multiple tiers: you can set up Gold, Silver or Bronze tiers which gradually add more and more benefits.
NOTE: There is no built-in age-verification feature although you can request Date of Birth on sign up.