Is "prices are cheap" correct?

I like to patronise this shop because its prices are cheap.

Is “prices are cheap” correct?

Thanks!

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Nowadays it is. I still remember a time when prices and temperatures were low rather than cheap or cold.

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I’ve never heard of this. Prices are either high or low. Please, have you ever heard of expensive prices?
No, I don’t agree.

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Is it prices are cheap? It should form like this.

It’s okay. Ngram Viewer gave me many examples. Have a look at the following sentence: “They are responding to what they perceive as expensive or cheap prices.”

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I like to patronise this shop because goods are cheap there.
(The prices are much lower than those in any other shop there)

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YES AND NO.

Yes: You can utter the phrase: “prices are cheap”, in a more casual conversation with people who are not unknown; such as family friends, fellow colleagues, etc. .

No: it is considered rude, improper and slovenly if you utter: “prices are cheap” to a stranger or an unknown person such as: the employee and/or owner. Instead you can say: “the rates/prices are…”: for example: affordable, marked low, discounted, inexpensive, on promotion, marked down to a special rate etc. .

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