Not neccessary so. The #1 position ad is the ad which has the highest ranking number. The ranking number for a keyword is based on the maximum posible fee willing to pay for 100 querries for the keyword at the current CTR.
$ per 100 querries = Max CPC x CTR
That is a reason why a # 1 ad can be paid less than the ad in lower position.
# 1 ad; Max. CPC =$5, CTR=10%->ranking # = 50 (or $50 is the maximum posible cost per 100 querries)
# 2 ad; Max. CPC= $10, CTR=3%->Ranking # = 30
# 3 ad; Max CPC=$7, CTR=4% -> Ranking # = 28
If # 3 paid $7/clicks, # 2 would be 28.01/3=$9.37/click and # 1 is about $3.01/click
Thus, #1 might not have to be the highest bid per click nor the highest actual CPC.