Indicates that something is not just affordable, but also of great quality or value. This handcrafted table is cheap at the price considering its superb craftsmanship.
Pro Tip 2/3
Not Always Literal
Sometimes used ironically to mean something is very expensive, but justifiably so. A full course at that restaurant is cheap at the price, even if it costs a month's salary!
Pro Tip 3/3
Situational Use
Usually spoken in situations where you are highlighting the fairness of a price for an item or service. Yes, it's a bit pricey, but it's cheap at the price for an all-day excursion.