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On the other hand most of my keywords had no ads competing, so no bidding war involved except against Googles make believe QS minimum bids. (long tail niche product phrases). Always starting at QS10 and dropping about once a week, bids increasing until there is no ROI and I end up pausing the KWs.
In one example I found 24 typos on a 2 word phrase with good converting traffic, It took Google about 2 weeks to price them out because their QS never heard of dsylexic & transposition typos, plus normal spelling or usage differences(eg USA "center" vs. Canadian "centre").