minimum click cost

I'm wondering how Google handles clicks for keywords that have no other bids. Suppose you wanted an ad to come up when someone searched for "antiques in Smalltown"  where "Smalltown" is some imaginary small town, and no one else in Smalltown had an adwords account, let alone one that was bidding for the keyword "antiques in Smalltown."   To limit the situation still more, you would have Location for the campaign set down to the smallest area possible around Smalltown to exclude any activity that might occur in other possible Smalltowns in  the world. .  What might you have to pay for that click?  The CTR will be virtually zero, probably, because not that many people are going to be searching Google for "antiques in Smalltown," maybe one a day, if that, so the quality score for this keyword will be very low, but with the next lowest bid being 0, the cost shouldn't be much - maybe a penny?