In simple terms Minimum CPC is the minimum amount which is always decided by google to activate a particular keyword...
There is no set minimum. But whether your ad gets impressions depends on several factors. 1) Keyword competitiveness ( or competition) 2) Whether you choose the "search" network or the "content" network 3) the relevancy of your ad and landing page 4) your quality score It is possible to get $.01 clicks in the content network and make money, however if you choose the "search" network its tougher to get $.05, and if you do its probably not a keyword that will make you money.