Hi, I am an absolute AdWords newbie provoked into trying out "Make AdSense Money by Using AdWords" Attempted to create an ad and found that the lowest cpc I could bid was 1 cent. But, I had always heard that it was 5 cents. Did I miss something?
It was 5 cent but they decided to decrease to 1 cent last year - I think that is to attract new customers to AdWords network. In fact you will not get too much traffic with 1 cent ads and probably you'll decide to increase the bid values but give a try to the 1 cent.
It's 1 cent but likely you will have to pay a lot more to get your keywords activated. When your ads get a good CTR you can begin to lower your CPC but even then 1 cent will be hard to reach.