Minimum AdWords cost per click

I was inspired by this article from 2008 http://www.startuplessonslearned.com/2008/09/sem-on-five-dollars-day.html

The author has described how just on $5 per day budget, he was able to get 100 people on the landing page of his product. That means the cost per click was just 5 cents per day.

I have never used Google Ads before, a quick search would reveal that a typical cost for a click would be 1 - 2 bucks. I know that you can set a maximum CPC (even in cents) - but is it realistic to pay a few cents for a click given the keyword doesn't have a lot (if any) competition?

I have tried some keywords which I would be using and there are no ads displayed for those keywords. I can also be very flexible with the keywords (the product is horizontal).

Yes. This is very much possible. With long-tail keywords, this is often the case.

Make use of partial match keyword matching to effectively market your product(s) on keywords that don't get too many searches yet often convert a lot better than your typical short tail keywords.

Great to know. Thanks!

Yeah, uh...things have changed quite a bit, but you certainly can get .05 cent clicks and even lower sometimes.