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There are some keywords where a bid of $0.05 is still front page.
There are others that $0.05 is page 10, and you won't receive any clicks for the month.
It's a combination of budget, inventory, search volume, bid pressure, and ad copy which determines total clicks.
If you severely underbid, you'll end up with a bunch of disabled (or soon to be inactive) keywords as the rules are changing "soon".