Welcome to the forums! If you are the only bidder, its all the traffic you can get at $0.05 per click.
When there is no bidder, especially if it is a high traffic keyword, it is often because the keyword is broad and it is tough to get the minimum CTR. Try a few different ads and see what works.
If I am the only person advertising for a given search results, then what is the minimum Max CPC I can set? Can be as low as I want?
Welcome to WebmasterWorld, papayiya!
Hey, one quick note:
You may actually have more competitors that you are aware of, if you've checked only a time or two. This is because many advertisers are budgeted to show for only a fraction of the day, and still others pause their ads frequently. So, they may show only occasionally.
You can get a really good idea of the competitive landscape, over time, by paying close attention to your Average Position stats, which are a literal accounting of where you are actually appearing, on average.
If you are the only one, well, enjoy those 5 cent clicks!
AWA